REE – Hydrological conditions may halt growth momentum in 2023
- The hydropower group has outperformed in 9M2022 thanks to favorable conditions. The group’s earnings accelerated in 2022 and were dominant among other groups in the power sector, accounting for 67%/64%/82% of the power’s NPATMI in 2020/2021/9M2022.
- The growth momentum will likely slowdown in the next El Nino phase starting from 2023 according to hydrological forecast and await the next growth phase from 2024 owing to Etown6.
- Our latest target price is VND 77,000. Comprising of VND 1,000 dividends in the next 12 months, offering an upside of 7% compared to the closing price as of Jan 05th, 2023. Hence, we recommend to ACCUMULATE this stock when the market has corrects and hold for the next growth phase from 2024.
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