Analyst Pin-board NT2 – Benefiting from high Qc in 3Q2021
- 8M 2021 volume was 2,294 mn kWh, -27% YoY due to thermal industry difficulties. For the first two months in 3Q2021, volume reached 385 mn kWh, accounting for 67% of the contract volume. We estimate that the company will only provide roughly 50 mn kWh due to the low demand and its maintenance. Thus, we forecast that 3Q2021’s volume to be 435 mn kWh, lower than its contract volume of 907 mn kWh.
- 8M 2021 revenue was VND 4,149 bn (or USD 180 mn) -12% YoY. For 2 months in 3Q2021, revenue reached VND 948 bn (or USD 41 mn) thanks to high contract volume. Hence, PBT for 2 months in 3Q2021 was VND 145 bn (or USD 6 mn) while 3Q2020 was a loss.
- For the longer term NT2 will become a cash cow., It will pay dividends for shareholders owing to no investing activity and debt payment obligation. The company is going to pay VND 1,000 per share in 2020 dividends in Oct 2021.
- Our latest target price for NT2 is VND 22,900, we will update our new target price in the next report as the 3Q2021’s result and 2021’s EPS maybe higher than our previous forecast. For the current target price with VND 1,000 dividends will be paid in Oct, implying total return of 14% compared to the closing price on Sep 28th, 2021 we recommend to ACCUMULATE this stock.
PetroVietnam Power NhonTrach 2 JSC. PetroVietnam Power Nhon Trach 2 Joint Stock Company (PV POWER NT2) is a Vietnam-based company operating in the energy industry, which operates and manages the 750-megawatt (MW) Nhon Trach 2 combined-cycle power plant located in Phuoc Khanh commune, Nhon Trach district, Dong Nai province. The electricity output of the power plant is purchased by Vietnam Electricity, and it is directly transmitted into the national grid system.
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