reports
- Thao Nguyen
Vietnam power sector – Growth on the back of the economic recovery
Electricity volume in the first two months in 2022 grew 6.1% compared to that in 2021 on the back of the economic recovery. The thermal group benefits from high contracted volume and high selling price on CGM. Among those stocks in our coverage list, HND and QTP are coal thermal plants that will experience a high growth in contracted volume compared to 2021, and we also have positive view to those stock. Hydropower plants continue to benefit from hydrology conditions. Renewable energy grou...
- Thao Nguyen
Gia Lai Electricity: Growth from wind power
In Q3 21, GEG's revenue was VND313 bn (or US$14mn), -11% yoy and -2% yoy. Hydropower's revenue increased 20% yoy in line with our expectations while that of solar power experienced a decline of 10% yoy due to volume curtailment during Q3 21. Earnings in Q3 were relatively low, VND53bn (or US$2.3mn), -1% yoy and -17% qoq. The hydropower segment will perform well in Q4 21 because the volume curtailment is expected to ease for solar power plants. We forecast earnings in Q4 21 to be VND109bn (or...
- Son Tran
Analyst Pin-board GEG - Growth from wind power
· Revenue was VND 313 bn (or USD 14 mn) in 3Q2021, -11% YoY and -2% QoQ. Hydropower’s revenue increased 20% YoY in line with our expectations while that of solar power experienced a decline of 10% YoY due to volume curtailment during 3Q2021. Earnings in 3Q2021 were relatively low, VND 53 bn (or USD 2.3 mn), -1% YoY and -17% QoQ. · The hydropower segment will perform well in 4Q2021 because the volume curtailment is expected to ease for solar power plants. We forecast earn...
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