Analyst Pin-board :NT2 – Favorable market conditions and lower gas prices support 2019 core earnings
Although NT2 has completed major-overhaul works in 2017, enabling the company to increase its electricity output by 10% YoY in 2018, lower contract volume (Qc) has made core earnings more vulnerable to the rise in gas input prices. As a result, 2018 recurring NPAT of NT2 fell by 32% YoY to VND 737 billion. Regarding 2019 outlook, while the expected return of El Nino conditions brings the company favorable conditions to increase sales volume, gas prices are also expected to fall. These factors support our belief that core earnings of NT2 could increase by 11% YoY in 2019. However, we also expect that adverse effect from FX rate movements in this year would keep the company’s reported earnings almost flat.
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