Viet Dragon Securities - Analyst Pin-board GEG – Capacity expansion while earnings slightly increase because of oversupply

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Viet Dragon Securities

Son Tran

Analyst Pin-board GEG – Capacity expansion while earnings slightly increase because of oversupply

· Revenue and NPATMI are estimated to be VND 1,550 billion (or USD67 mn) and VND 273 billion (or USD12 mn), +4% and 6% YoY, respectively in 2021. EPS and book value in 2021 are forecasted to be VND 982 and VND 12,950, respectively.

· The three-wind power will commercially operate in 4Q2021 and will boost the company’s earnings in the medium term.

· The supply-demand imbalance in the power industry has curbed the company’s growth in 2021. Both current and incoming renewable energy farms continue being cut volume in this year. In 2022, the full-year utilization of wind power plants will drive the company’s earnings.

· We adjust our target price for GEG at VND 18,200 because of stock dividend (4%) and existing shareholders’ public offering (6%). It comes down to a 3% upside from the closing price on Sep 13^th. Thus, we rate NEUTRAL for this stock.

13/09/2021 6 EN

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Viet Dragon Securities

Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.

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Analysts

Son Tran

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Analyst Pin-board GEG – Capacity expansion while earnings slightly increase because of oversupply

CTG - Solid Growth Outlook as Provisioning Pressures Subside

BREAKING ABOVE 1,300 POINTS

Comparison of domestic natural gas and LNG fuel sources

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