Analyst Pin-board HND – High mobilization rate
- Volume in 3Q2021 was roughly 1.7 bn kWh, +23% YoY thanks to lower La Nina magnitude compared to 3Q2020 and -8% QoQ because 3Q2021 was the rainy season.
- Revenue in 3Q2021 was VND 2,195 bn (or USD 95 mn) -4%YoY and -16% QoQ. This steeper decline compared to volume is because of the lower contract volume and contract price. NPAT in 3Q2021 was VND 6 bn (or USD 0.26 mn), -96% YoY and -97% QoQ.
- The company’s performance is expected to be better in 4Q2021 thanks to the dry season and high Qc. HND is going to recover in line with the thermal plant recovery in 2022. Our target price for HND is VND 22,300 with cash dividends of VND 400 in the next 12 months, this stock offers an upside of 25% compared to the closing price on Oct 21st, 2021, we recommend to BUY this stock
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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