Power sector – Preview – [Neutral] – 3Q24F Preview: The comeback of Hydropower

We believe that the 3Q24F’s earnings of the hydropower groups could benefit significantly due to the La-Nina phase impact. Besides, thermal power groups record growth thanks to an increase in the FMP (+21% yoy).  Therefore, the list of favorite stocks includes QTP (23,400VND; +65% yoy), POW (HOLD), NT2 (HOLD), and REE.