Result Update Report: NT2 - Bottom line to surge
“We believe that NT2 stock price is off to surge as we expect to see a robust earnings growth in 2Q2022 given (1) favorable condition for gas-turbine plants due to coal shortage, and seasonal factor, and (2) an extremely low base of earnings in 2Q2021. In addition, we expect the company will receive additional revenue from FX reversal and solid cash flows (company had paid all borrowings back in June 2021) to provide a meaningful buffer for NT2’s earnings in 2022F-23F against future headwinds.
Applying DDM, FCFF and PER valuation approaches, we arrive at the target price for this stock of VND 29,200 per share. Alongside cash dividends of VND 500 in the next twelve months, total expected return is 24% as of the closing price on 2022, 15th Apr. Hence, we recommend BUYING 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.
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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