POW – To fire on all cylinders – Initiation

• POW is the leading gas-fired power producer in Vietnam (by 2018 utilisation rate); it is well-positioned to ride on anticipated power shortage in Vietnam.
• Our FY20-21F EPS forecasts are 6-8% above Bloomberg consensus estimates as we expect better utilisation rates at Vung Ang 1 plant.
• We initiate coverage with an Add rating and a TP of VND18,334. A potential re-rating catalyst is better utilisation rate at Vung Ang 1 plant from 2Q19F.

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