NT2
06
March
Power – In-depth – [NEUTRAL] – 2026 Outlook: Thermal power cycle returns
In 2026, nationwide power demand is projected to grow by 8.5% yoy under EVN’s base-case scenario, with thermal power emerging as a key bright spot for the sector. The main...
03
February
POW – Earning Review – [HOLD] – 4Q25 – Profit growth mainly reflects a low base
In 4Q25, revenue reached VND8,747bn (+1% yoy, equivalent to 95% of KIS’s forecast, figure 1), supported by a 25% yoy increase in total power production (Qc). Growth was mainly driven...
19
January
NT2 – Earnings review – [HOLD] – 4Q25: Net profit expansion persists
4Q25 revenue reached VND2,367bn (+33% yoy and +23% qoq; figure 1), driven by: A 17% yoy increase in production amid stable nationwide electricity consumption in 4Q25 (figure 2); An estimated...
18
November
POW – Earning Review – [HOLD] – 3Q25 – Gross margin widens, profits advance
In 3Q25, revenue recorded VND7,855bn (+30% yoy, -16% qoq) with total electricity production rising 30% yoy, with key drivers coming from the gas-fired and hydropower segments. As a result, gross...
22
October
NT2 – Earnings review – [HOLD] – 3Q25: Net profit expansion persists
Revenue in 3Q25 reached VND1,928bn (+13% yoy, -7% qoq). Gross profit in 3Q25 reached VND205bn (+244% yoy), equivalent to a gross margin of 10.6%, up 7.1 %p yoy thanks to...
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...
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:...
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...
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...
Featured Analysis
Market traders: Proprietary and foreigners both recorded net buying
Market commentary: Afternoon selling pressure
Chart of the day: Awaiting the next signal
Derivatives: Declining liquidity
Derivatives: Awaiting the next signal
Market commentary: Market reversal
Derivatives: Optimistic sentiment
