External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

PetroVietnam Power NhonTrach 2 / Equity Bottom-Up

<ul><li>After 2H23 challenging, we expect a strong rebound of 12% YoY in revenue to VND8,971bn and 40% YoY in net profit to VND786bn in FY24.</li><li>A 9.3% YoY increase in electricity volume will be supported by 1) a full-year operation after FY23 major maintenance; 2) lasting El Nino, according to the National Oceanic and Atmospheric Administration, which will rise the mobilization from the thermal power sources; and 3) an improvement forecast in the heat rate (FY24F: 6,974 Btu/kWh, -0.5% YoY).</li><li>80% of total output will be sold under the power purchase agreement (PPA – Qc, FY23F: 88%). </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

After 2H23 challenging, we expect a strong rebound of 12% YoY in revenue to VND8,971bn and 40% YoY in net profit to VND786bn in FY24.A 9.3% YoY increase in electricity volume will be supported by 1) a full-year operation after FY23 major maintenance; 2) lasting El Nino, according to the National Oceanic and Atmospheric Administration, which will rise the mobilization from the thermal power sources; and 3) an improvement forecast in the heat rate (FY24F: 6,974 Btu/kWh, -0.5% YoY).80% of total output will be sold under the power purchase agreement (PPA – Qc, FY23F: 88%). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PetroVietnam Power Nhon Trach 2 JSC - Regain the Earnings Growth