NT2 – Better dividend prospects in 2023
- 9M22 electricity output recovered, earnings exceeded full-year target. For 2022, we expect net revenue and NPAT-MI to be VND 8,916 bn/ USD 380 mn (+45% YoY) and VND 762 bn/ USD 32.5 mn (+43% YoY), respectively, assuming that NT2 continues to make the remaining VND 173 bn for bad debt provision in Q4/2022 (total provision in 2022 was VND 360 bn).
- 2023 awaits higher earnings, better cash dividends. For 2023, we expect NT2 to record the remaining financial revenue from FX reversal. As a result, we forecast NT2’s net revenue and NPAT-MI to be VND 8,849 bn/ USD 377 mn (-1% YoY) and VND 839 bn/ USD 35.8 mn (+10% YoY) in 2023, respectively. Core revenue and NPAT from electricity production were VND 8,769 bn/ USD 374 mn (+2 YoY) and VND 804.5 bn/ USD 34.3 mn (+3 YoY), respectively .
- We maintain an ACCUMUALTE rating with the one-year target price of VND 29,300/share. With an expected cash dividend of VND 2,500/share in the next 12 months, it implies a total return of 11%, based on the closing price of Jan 13th
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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