Analyst Pin-board NT2 – Oil price surge is a short-term downside risk
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· In 4Q2021, revenue grew by 23% YoY to VND 1.635 bn (or USD 71 mn) while NPAT experienced an adverse trend, declining by 40% YoY to VND 121 bn (or USD 5.3 mn). For the year 2021, the company exceeded its guideline by 16% to VND 534 bn (or USD 23 mn). · In 2022, the company has contracted volume of 3.55 bn kWh, +8% YoY. Core business earnings in 2022 might not be attractive for investors yet the cash flows and FX revenue will be. We forecast NPAT to be VND 567 bn (or USD 25 mn), +6% YoY. However, in the short-term, the geopolitical tensions might push gas prices up that will make the company be less competitive in CGM to earn profit. Hence, the company will encounter difficulties to earn profit in the time to come. · Our latest target price for NT2 is VND 25,300. For the current target price with VND 1,500 dividends, implying a total return of 16% as of March 1st, 2022 we recommend to ACCUMULATE this stock for long-term potential. |
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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