PPC – 4Q22 results in line, expecting a recovery in 2023
- PPC announced its 4Q22 electricity sales volume of 829 mn kWh (+41% QoQ, +142% YoY). Higher in electricity sales volume coupled with the higher ASP, resulted in net revenue of VND 1,576 bn/USD 67 mn (+32% YoY). Net income came at VND 69 bn/USD 2.9 mn (+8% YoY), despite no dividend income from associate companies.
- 2022 total electricity volume of 2,876 mn kWh (+7% YoY), completing 97% of our forecasts. Net revenue and NPAT was VND 5,116 bn/ USD 218 mn (+32% YoY) and VND 373 bn/ USD 16 mn (+72% YoY), achieving 99% and 102% of our 2022 forecasts.
- 2023 should see core earnings rebound, better cash dividends from associate companies. For 2023, we forecast PPC’s net revenue and NPAT-MI to be VND 7,823 bn/ USD 334 mn (+53% YoY) and VND 540 bn/ USD 23 mn (+45% YoY) in 2023, respectively.
- We maintain an ACCUMUALTE rating with the one-year target price of VND 14,300/share. With an expected cash dividend of VND 900/share in the next 12 months, it implies a total return of 7%, based on the closing price of Feb 2nd, 2023.
Pha Lai Thermal Power Joint Stock Company is a Vietnam-based electricity company. It is engaged in the operation, maintenance and management of the thermal power plant in Hai Duong Province for electricity generation and distribution. The Company also constructs power plants and transmission lines. In addition, it is involved in the trading of equipment and machinery used in the electricity sector, as well as the provision of repair and maintenance services. Other activities include the manufacture and trading of gypsum, clinker and concrete additives. The Company announces that Vietnam Electricity Group (EVN) has completed its divestment of 51% stake in the Company to Power Generation Corporation 2 (EVNGenco2) on November 7, 2013.
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