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POW – FY19 results met our expectation – Update

Company Note 12/02/2020    147

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  • POW’s net profit rose 29.6% yoy to VND2,491bn in FY19, largely in line with expectations at 95.4% of our FY19 forecast.
  • We expect POW to continue to benefit from the power shortage in Vietnam. We estimate net profit to increase by 17.0% yoy in FY20F.
  • We reiterate our Add call with a lower target price of VND16,700.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND10,550

VND16,700

0%

ADD

POWER

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