NT2

25

July

NT2 – Earnings review – [HOLD] – 2Q25: Strong bottom-line expansion

In 2Q25, NT2's revenue was recorded at VND2,081bn, down 5% yoy. The key growth drivers were: (1) A significant improvement in output, And (2) the average electricity price in 2Q25...
Report (18)

04

July

Power – In-depth – [NEUTRAL] – 2H25 Outlook: The dawn of green energy

Based on the growth rates in 1Q25 and 2024, we estimate national power consumption in 2H25F under two scenarios: Scenario 1 (+3.9% yoy) & Scenario 2 (+8% yoy). Hydropower: 2H25F:...
Report (21)

25

April

NT2 – Earnings review – [HOLD] – 1Q25: Profit recovery from low base

In 1Q25, NT2's revenue was recorded at VND1,426bn, up 444% yoy. Due to the production record of 628mn kWh, which skyrocketed by 483x yoy. Additionally, the average gas price in...
Report (11)

10

April

Power sector – Preview – [NEUTRAL] – 1Q25F Preview: Hydropower and renewable energy shine

Electricity consumption in 1Q25E is estimated at 73bn kWh (+5% yoy), in which hydropower plants are expected to reach 14bn kWh (+26% yoy), accounting for 19% of production in the...
Report (13)

14

February

POW – Earning Review – [HOLD] – Gross margin encountered many challenges

POW’s 4Q24 revenue grew to VND8,493bn, up 32% yoy. Increasing revenue driven by total the output recorded 4,556mn kWh (+22% yoy). However, GP recorded VND540bn (-26% yoy). The main reasons...
Report (12)

07

February

NT2 – Earnings review – [HOLD] – NPAT experienced unfavorable results

In 4Q24, NT2's revenue was recorded at VND1,792bn, up 49% yoy as (1) A0 prioritized dispatching to compensate for the capacity shortage. Although NT2 recorded positively in output and the...
Report (4)

19

January

Power – In-depth – [NEUTRAL] – 2025 Outlook: Opportune moment

In 2025, nationwide electricity consumption is expected to maintain an 11% yoy growth, with hydropower and gas-fired power being the highlights of the sector. This is attributed to the anticipated...
Report (34)

18

November

POW – Brief – [HOLD] – Positive information for NT3&4 and 2025 prospects

On 15th, we attended POW’s analyst meeting. Here are some notable highlights: (1) POW recorded October revenue at VND2,261bn (+4% yoy), supported by a 13% yoy rise in production output,...
Report (22)

25

July

NT2 – Earnings review – [HOLD] – NPAT improved, but outlook is not promising

In 2Q24, revenue NT2 recorded VND2,186bn, a sightly rise of 0.2% compared to the same period. The main reason comes from the improvement in the average selling price to VND2,132...
Report (1)
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