POW – In-depth – [BUY +42.6%] – Waiting for somethings new

We recommend BUY for POW stock with a target price of 16,600 VND per share for mid and long-term investment strategy (upside +42.6%). We especially emphasize that in 2024–25, POW’s earnings may still not achieve strong sustainable growth compared to the past, which could create strong incentives to improve valuation in the short term. We think that 2026 will be the year that marks the turning point in POW’s long-term growth and is also the time to better reflect the value of the business