POW – Earnings Review – [HOLD] – Earnings could stay resilient in 4Q24F

POW’s 3Q24 revenue sustained at VND6,061bn, +7% yoy. Notably, NPAT skyrocketed 765% yoy to VND453bn. Key contributing factors were (1) 3Q24 exchange rate gains VND227bn (3Q23 VND0.25bn); (2) absence of VND213bn financial expense recorded in 3Q23; and (3) a low-profit base, with 3Q23 recording VND52bn.