POW – Update – Improved gas-fired generation to fuel profit growth
Posted:19/03/2025
- 2025-26 output to grow positively from the low base of 2024, driven by the recovery of thermal power mobilization and the addition of NT3&4.
- 2025 NP remain flat yoy as costs incurred from NT3&4, before rising 48% yoy in 2026, supported by improved outlook in gas-fired power.
- Reiterate ADD with unchanged TP of 14,900VND/share.
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