GEG – Update – Establishing a new profit base from 2025
Posted: Aug 1, 2025
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2Q25 net profit surged 675% yoy, driven by a significant increase in the selling price of Tan Phu Dong 1 (VND 1,813/kWh –double the temporary price in 2024), along with gains from the divestment of Truong Phu Hydropower.
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2025 marks a turning point in profitability, thanks to the official selling price of TPD1. NP is projected to increase by 514% yoy. For 2026–27, new profit base is set at VND500–550bn, a solid leap from the modest ~VND150bn level in 2021-24.
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Recommendation: ADD, with a target price of 19.800VND/share
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