Viet Dragon Securities - Analyst Pinboard QTP – Favorable factors to enhance earnings in the medium term

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Viet Dragon Securities

Son Tran

Analyst Pinboard QTP – Favorable factors to enhance earnings in the medium term

Volume in 3Q2021 is estimated to be 1.6 bn kWh, +34%YoY. This higher volume than last year is due to favorable hydrological condition in the North. The draught has come and the thermal group will achieve a high mobilization rate.
In 3Q2021, revenue was VND 1,973 bn (or USD 86 mn), -20%QoQ and +13% YoY. NPAT was VND 86 bn (or USD 3.7 mn) while that in 3Q2020 was a loss. Earnings grew mostly thanks to a decline in depreciation expenses.
Longer term, earnings are expected to grow thanks to a decline in expenses and high mobilization from thermal plants in later years. This time is considered to be a turning point between a harsh year in 2021 and a brighter outlook in later years.
The company pays attention to paying dividends. It will maintain its dividend payment policy at 10% per par as of 2020.

02/12/2021 5 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 Pinboard QTP – Favorable factors to enhance earnings in the medium term

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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