QTP
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...
23
January
QTP – Earnings review – [BUY] – 4Q25: One-off income lifts earnings sharply
In 4Q25, QTP’s revenue reached VND2,953bn, up 2% yoy, mainly driven by (i) the recognition of VND663bn in foreign exchange income and (ii) an estimated 15% yoy increase in production,...
28
October
QTP – Earnings review – [BUY] – 3Q25: Earnings dented by margin pressure
In 3Q25F, revenue is estimated at VND2,056bn (-14% yoy) due to an estimated 28% yoy decline in average selling price, despite production increasing 20% yoy to 1,620mn kWh, as national...
22
July
QTP – Earnings review – [BUY] – 2Q25: NPAT boosted as operational efficiency
In 2Q25, QTP posted revenue of VND2,863bn, down 21% yoy. This decline was mainly attributable to: The average electricity price is estimated to fall 23% yoy to 1,366 VND/kWh. Although...
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:...
29
April
QTP – Earnings review – [BUY] – 1Q25: Profit shrinks as fuel price pressure
In 1Q25, QTP recorded revenue of VND2,912bn (-3% yoy) due to flat production, and FMP dropped 13% yoy to VND1,307/kWh. Additionally, (a) depreciation expenses decreased by 10% yoy but were...
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...
10
February
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...
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...
Featured Analysis
Feb 2026: High issuances on few issuers
Derivatives: Cautious sentiment
Market commentary: Selling pressure remains present
SBV withdraws liquidity amid diverging interbank rates
Market traders: Proprietary and foreigners both recorded net buying
Market commentary: Afternoon selling pressure
Chart of the day: Awaiting the next signal
