Published Date: 24/06/2024
- 1Q24 NP fall 48% yoy, under severe loss from Nhon Trach 1&2, partly offsetting by robust output growth of Vung Ang 1 and Ca Mau 1&2.
- We expect 2024-25 NP to increase 10% yoy/42% yoy, with Nhon Trach 3&4 to be the long-term growth when come online from 2025.
- Reiterate ADD with higher TP of VND16,800/share
