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NT2- Take advantage of energy-hungry Vietnam – Inititation

Company Note 02/10/2020    210

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  • A major thermal power plant in Vietnam’s Southern region to ride on the anticipated power shortage in Vietnam
  • We expect FY20-22F net profit CAGR of 9.5% on the back of sustainable utilisation rate, higher CGM price and easing pressure on interest expense.
  • Initiate with ADD rating and TP of VND30,100.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND23,250

VND30,100

8.6%

ADD

INDUSTRIALS

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