QTP – Earnings review – [BUY] – The high coal price harmed earnings

In 4Q24, QTP recorded revenue of VND2,884bn, +1.2% yoy. Of which: (1) The output’s QTP in 4Q24, which is estimated to be decreased by 12% yoy and (2) the full market price (FMP) in 4Q24 increased by 49% yoy, reaching 1,500 VND per kWh. Notably, in 4Q24, both gross profit and NPAT declined by VND248bn (-11% yoy) and VND185bn (-12% yoy), respectively, mainly due to the coal prices surging by 22% yoy, putting pressure on QTP’s gross margin, which dropped to 8.6% (-1.2%p yoy).