POW
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:...
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...
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...
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...
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,...
04
November
POW – Earnings Review – [HOLD] – Earnings could stay resilient in 4Q24F
POW’s 3Q24 revenue sustained at VND6,061bn, +7% yoy. Notably, NPAT skyrocketed 765% yoy to VND453bn. Key contributing factors were (1) 3Q24 exchange rate gains VND227bn (3Q23 VND0.25bn); (2) absence of...
26
August
POW – Earnings review – [HOLD] – Positive results from the low base
In 2Q24, POW recorded revenue of VND9,407bn (+9% yoy). The primary growth driver of commercial output reached 4,825mn kWh, up 11% compared to the same period. In which, Vung Ang...
19
July
Power sector – In-depth – [OVERWEIGHT] – The Way of Water
In 1H24, nationwide electricity consumption reached 153bn kWh, +13% yoy. In our view, the growth drivers likely came from (1) El-Niño’s prolonged intense heat and (2) the economy's recovery. In...
15
April
Power sector – Preview – [NEUTRAL] – 1Q24F Preview: The El Niño calls Coal-fired
The bright spot in 1Q24 was coal-fired power. Growth came from the shortage of hydropower supply and the benefit of rapidly falling coal prices compared to gas prices in recent...
Featured Analysis
Market commentary: Liquidity hits record high
ACB – Brief – [NONRATED] – Strengthened asset quality
Market traders: Liquidity surged
Derivatives: New high of the year
Market commentary: Liquidity surged
SBV boosts liquidity injection as system demand climbs
Covered warrant: Liquidity cooled down
