Thermal power firms' 3Q23 business results: A mixed picture
- Some of the thermal power companies on our updated and watched list (NT2, HND, PPC, QTP) have reported Q3/2023 financial results. NT2's NPAT incurred a record loss of VND 123.8 bn (Q3/2022 NPAT of VND 199.0 bn), QTP's NPAT recorded VND 11.6 bn (-95.3% QoQ, -92.1% YoY), PPC's NPAT recorded VND 84.1 bn (-49.8% QoQ, -45.6% YoY), while HND recorded an impressive PAT of VND 191 bn (+5.9% QoQ, +372.5% YoY). Furthermore, investors are currently interested in the group of defensive stocks with consistent dividend yields. In this article, we will answer two questions: (1) Why do the thermal power group's businesses have mixed profits? (2) Is this group's dividend yield interesting?
- For a one-year target price on thermal power firms, our last recommendations are NEUTRAL with NT2 (TP: 25,800 VND/share), ACCUMULATE with HND (TP: 15,500 VND/share), and ACCUMULATE with PPC (TP: 15,500 VND/share). The target price for this group of defensive stocks, as well as the firms' financial forecast results, will be thoroughly reviewed in the next updated reports
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