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 electricity sell price in 4Q24, while the gas price only rose slightly at 9.5 USD per mmBTU. However, the gross profit dropped to VND73bn (-68% yoy). When the plant must use more gas fuel to produce 1 kWh. As a result, NPAT dropped to VND64bn (-73% yoy).
Featured Analysis
POW – Earning Review – [HOLD] – 3Q25 – Gross margin widens, profits advance
Derivatives: Breakout session
Market commentary: Green start to the week
SBV maintains net injection
BSR – Brief – [NONRATED] – 3Q25: Higher volume and margins as expected
Covered warrant: Liquidity slightly increased
Derivatives: Declining liquidity
