A director at Pha Lai Thermal Power sold 1,240,000 shares at 0.000VND and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
PPC reported its 1H23 electricity sales volume of 1,357 mn kWh (-7.7% YoY), while net revenue was VND 2,708 bn (+14,4% YoY), owing to the high ASP (as thermal coal prices remained high). NPAT came at VND 201 bn (+29.7% YoY), climbed significantly mainly due to (1) a dividend income of VND 99.8 bn from associate companies in 2Q23 while 2Q22 was not recorded, and (2) a change in accounting method for major repair costs, which resulted in large repair costs of fixed assets in Q2 recorded at VND 5...
PPC announced its 4Q22 electricity sales volume of 829 mn kWh (+41% QoQ, +142% YoY). Higher in electricity sales volume coupled with the higher ASP, resulted in net revenue of VND 1,576 bn/USD 67 mn (+32% YoY). Net income came at VND 69 bn/USD 2.9 mn (+8% YoY), despite no dividend income from associate companies. 2022 total electricity volume of 2,876 mn kWh (+7% YoY), completing 97% of our forecasts. Net revenue and NPAT was VND 5,116 bn/ USD 218 mn (+32% YoY) and VND 373 bn/ USD 16 mn (+72%...
PPC’s 2Q 2022 performance is well aligned with our expectations emphasizing the company's predictability of weak results. PPC's sales volume in 2Q 2022 was 827 mn kWh (-11% YoY). Nevertheless, 2Q net revenue slightly increased 6% YoY to VND1290 bn thanks to higher CGM prices. NPAT slumped 38% YoY, to VND75bn, mainly due to a lack of financial income coming from cash dividends of QTP and HND. In 2022, we forecast that PPC will provide around 3.7 bn kWh of sales volume, with net revenue and NPA...
In 4Q2021, revenue/NPAT posted VND 539 bn (or USD 23 mn)/ VND 64 bn (or USD 2.8 mn), significantly lower than that in 2020. Operating profit was negative due to technical problems. In 2021, PPC faced both external and internal difficulties. Revenue and NPAT were VND 3,885 bn (or USD 169 mn) and VND 285 bn (or USD 12 mn), -51% YoY and 72% YoY. This is a record low earnings since 2015 even though the company recorded a high financial income of VND 452 bn (or USD 20 mn). In 2022, core busin...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Revenue in Q4 20 fell by 18% yoy owing to 2019 being an El Nino year. Thus, total revenue in 2020 reached VND7.9tn (-3.1% yoy). In terms of volume, PPC provided roughly 1bn kWh in Q4 20 (-9% qoq and -35% yoy) relatively lower than QC. In 2020, volume mobilised by EVN experienced a downward trend in H2 20 since La Nina came back. Meanwhile, PPC booked more than VND270bn in FX revenue in Q4 20. Other expenses were stable compared to previous quarters leading to an outstanding profit in Q4 20. N...
In our recent PPC result update, we thought that PPC’s NPAT might have peaked in 2019 because of many favourable events. Those advantages are not likely to continue in 2020 and indeed, H1 20 NPAT went down by nearly 30% yoy, which is in line with our expectations. Therefore, we maintain our Neutral view on PPC and the target price of VND22,500 means no upside for the stock at the moment. In terms of power generation activities, PPC managed to grow its output moderately by 9.8% yoy in H1 20. ....
FY2020 outlook – Unclear growth potential because a higher Qc (contract quantity) may cause opposing effects on business results On the one hand, we think a high 2020 Qc for Pha Lai 1 plant (1.7 billion kWh, +15.1% yoy) will benefit the company due to its inferior efficiency. On the other hand, the fact that Pha Lai 2 plant Qc could increase by 10.2% for 2020 leaves less room for profit-optimizing opportunities on the CGM. PPC’s gross margin is forecasted to decline in 2020, as the coal chan...
3Q 2018 performance: lower contract volume hit core earnings but NPAT still grew due to less provision expenses: Like other thermal power plants, PPC had a relatively lower Qc in the third quarter of 2018 at 920 million kWh (-13% YoY). Heavy rainfall in the North during some periods in 3Q 2018 also brought PPC certain difficulties in boosting sales volume.
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