Published Date: 29/11/2024
- 3Q24 Net profit grew 7% yoy, supported by the recovery of hydropower from a low base, offsetting declines across most core business segments. Cumulatively, 9M24 net profit fell by 22% yoy, achieving only 63% of our full-year forecast.
- Hydropower recovery and solid growth from property to drive NP by 15% CAGR over 2025-26, after an anticipated 7.7% decline in 2024 NP.
- Reiterate ADD with higher target price of VND75,300/share.
