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POW – 9M19 results beat our expectations – Earnings Flash

Company Note 04/11/2019    239

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  • POW’s 3Q19 revenue rose by 13.8% yoy to VND7,924bn, driven by a 16.4% yoy increase in electricity sales volume.
  • 9M19 gross profit margin (GPM) inched up 0.8% pt yoy to 14.8%, mainly due to lower depreciation cost.
  • 9M19 net profit rose 31.3% yoy to VND2,491bn. It was above at 84.0% of our FY19F forecast due to lower depreciation and finance cost. Maintain Add.

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VND13,550

VND18,334

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