POW – Update – Margin gains fueled by favorable generation dispatch
Posted: Aug 12, 2025
- 2Q25 revenue remained flat yoy; however, net profit grew 47% yoy thanks to improved margins supported by favorable Qc dispatch. 1H25 NP increased 52% yoy, exceeding expectations and achieving 81% of MBS’s forecast.
- 2025 net profit rise 17% yoy, driven by high expected Qc allocation, supporting further gross margin improvement. Growth is expected to moderate in 2026, with net profit up 16% yoy due to the drag from Nhon Trach 3&4 losses.
- Reiterate ADD with higher target price of VND 17.400 VND/share.
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