External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

PetroVietnam Power Corp / Equity Bottom-Up

<ul><li>We raise our target price (TP) for POW by 17.2% to VND14,300/share and maintain our OUTPERFORM rating.</li><li>Our higher TP is driven by (1) the positive impact of rolling our TP horizon forward to end2026F (2) and a lower net debt projection (9M CFO was up 4x YoY with EVN’s faster payment), while our aggregate 2026-2030F NPAT-MI forecast is unchanged.</li><li>We maintain our aggregate NPAT-MI forecast due to: (1) 32% higher aggregate NPAT from Nhon Trach 2 (NT2) (see our NT2 Update Reports, dated July 18, 2025, dated October 21, 2025, and dated December 10, 2025), (2) an 80% higher aggregate NPAT projection for Hua Na (driven by higher output projections), and (3) 5% higher aggregate NPAT from Vung Ang (due to a 3% lower heat rate and lower provision for insurance compensation from PVI). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We raise our target price (TP) for POW by 17.2% to VND14,300/share and maintain our OUTPERFORM rating.Our higher TP is driven by (1) the positive impact of rolling our TP horizon forward to end2026F (2) and a lower net debt projection (9M CFO was up 4x YoY with EVN’s faster payment), while our aggregate 2026-2030F NPAT-MI forecast is unchanged.We maintain our aggregate NPAT-MI forecast due to: (1) 32% higher aggregate NPAT from Nhon Trach 2 (NT2) (see our NT2 Update Reports, dated July 18, 2025, dated October 21, 2025, and dated December 10, 2025), (2) an 80% higher aggregate NPAT projection for Hua Na (driven by higher output projections), and (3) 5% higher aggregate NPAT from Vung Ang (due to a 3% lower heat rate and lower provision for insurance compensation from PVI). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

POW [OUTPERFORM +15.3%] - Nhon Trach 3&4 to Drive Longer-Term Earnings Growth - Update

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>NT3 achieved COD on November 21, 2025, becoming Vietnam’s first LNG-fueled gas power plant.</li><li>NT4 started running on oil from November 27, 2025, and is expected to complete reliable operation within 12 days, with COD scheduled in December 2025.</li><li>Under Decree 100/2025, NT3&amp;4’s minimum contracted output (Qc) is 65% (6.05bn kWh based on the designed capacity of 6,000 hours/year). </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

NT3 achieved COD on November 21, 2025, becoming Vietnam’s first LNG-fueled gas power plant.NT4 started running on oil from November 27, 2025, and is expected to complete reliable operation within 12 days, with COD scheduled in December 2025.Under Decree 100/2025, NT3&amp;4’s minimum contracted output (Qc) is 65% (6.05bn kWh based on the designed capacity of 6,000 hours/year). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PetroVietnam Power Corporation  (POW VN/Non-rated) - Analyst meeting 2025

<ul><li>We raise our target price (TP) for POW by 14.7% to VND14,800/share and upgrade our rating to OUTPERFORM from MARKET PERFORM.</li><li>Our higher TP is driven by (1) 2.0% increase in our aggregate 2025-2029F NPAT-MI forecast (respective changes of 0%/-15%/-5%/+7%/+13% for 2025/26/27/28/29F) and (2) the positive impact of rolling our TP horizon forward to mid-2026F.</li><li>Higher aggregate NPAT-MI is driven by our projection for (1) Nhon Trach 3&amp;4 (NT 3&amp;4)’s aggregate profit of ~VND700bn vs a loss of ~VND200bn previously (due to our 5% lower average input LNG price projection in 2026-29F, see our Energy Sector- April 2025), and (2) 10%/15% higher NPAT-MI projections for Hua Na/Dakdrinh (driven by higher output projections).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We raise our target price (TP) for POW by 14.7% to VND14,800/share and upgrade our rating to OUTPERFORM from MARKET PERFORM.Our higher TP is driven by (1) 2.0% increase in our aggregate 2025-2029F NPAT-MI forecast (respective changes of 0%/-15%/-5%/+7%/+13% for 2025/26/27/28/29F) and (2) the positive impact of rolling our TP horizon forward to mid-2026F.Higher aggregate NPAT-MI is driven by our projection for (1) Nhon Trach 3&amp;4 (NT 3&amp;4)’s aggregate profit of ~VND700bn vs a loss of ~VND200bn previously (due to our 5% lower average input LNG price projection in 2026-29F, see our Energy Sector- April 2025), and (2) 10%/15% higher NPAT-MI projections for Hua Na/Dakdrinh (driven by higher output projections).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PetroVietnam Power (POW)  - Robust Earnings in 2026/27 with Lower Nhon Trach 3&4 Losses

Thematic (Sector/Industry)

<ul><li>According to NOAA (August), the likelihood of La Niña conditions remains higher than El Niño through the forecast horizon from August 2025 to May 2026.</li><li>This suggests that hydropower plants will benefit from favorable weather patterns, enabling higher mobilization from EVN and stronger business results in FY25.</li><li>By contrast, coal- and gas-fired thermal plants are expected to face reduced mobilization under these conditions. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

According to NOAA (August), the likelihood of La Niña conditions remains higher than El Niño through the forecast horizon from August 2025 to May 2026.This suggests that hydropower plants will benefit from favorable weather patterns, enabling higher mobilization from EVN and stronger business results in FY25.By contrast, coal- and gas-fired thermal plants are expected to face reduced mobilization under these conditions. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Electricity Sector (Neutral) - Policy Reforms Drive New Growth Cycle

<ul><li>We lower our average 2024F Brent oil price assumption by 3.6% to USD80/bbl.</li><li>YTD to October 3, the average Brent oil price was USD82/bbl, slightly lower than our previous 2024F forecast of USD83/bbl.</li><li>However, we anticipate subdued oil prices in Q4, driven by weak demand from China, which is expected to outweigh concerns over rising tensions in the Middle East and a projected oil deficit from the US Energy Information Administration (EIA) — defined as a situation where global oil production falls short of global consumption.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We lower our average 2024F Brent oil price assumption by 3.6% to USD80/bbl.YTD to October 3, the average Brent oil price was USD82/bbl, slightly lower than our previous 2024F forecast of USD83/bbl.However, we anticipate subdued oil prices in Q4, driven by weak demand from China, which is expected to outweigh concerns over rising tensions in the Middle East and a projected oil deficit from the US Energy Information Administration (EIA) — defined as a situation where global oil production falls short of global consumption.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Oil & Gas Sector - Lowering 2024F Oil Price, Raising 2025F Forecast

Vietnam

PetroVietnam Power Corporation operates as a power generation company. The Company specializes in production, transmission, and distribution of electricity, as well as owns, develops, and installs electrical and thermal power plants. PetroVietnam Power serves customers in Vietnam.

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PetroVietnam Power Corp (POW VN)

POW [OUTPERFORM +15.3%] - Nhon Trach 3&4 to Drive Longer-Term Earnings Growth - Update

Our higher TP is driven by (1) the positive impact of rolling our TP horizon forward to end2026F (2) and a lower net debt projection (9M CFO was up...

Vietcap

PetroVietnam Power Corporation (POW VN/Non-rated) - Analyst meeting 2025

NT4 started running on oil from November 27, 2025, and is expected to complete reliable operation within 12 days, with COD scheduled in December 2025.

Mirae Asset Securities

PetroVietnam Power (POW) - Robust Earnings in 2026/27 with Lower Nhon Trach 3&4 Losses

We raise our target price (TP) for POW by 14.7% to VND14,800/share and upgrade our rating to OUTPERFORM from MARKET PERFORM.

Vietcap

Vietnam Electricity Sector (Neutral) - Policy Reforms Drive New Growth Cycle

According to NOAA (August), the likelihood of La Niña conditions remains higher than El Niño through the forecast horizon from August 2025 to May...

Mirae Asset Securities

Oil & Gas Sector - Lowering 2024F Oil Price, Raising 2025F Forecast

We lower our average 2024F Brent oil price assumption by 3.6% to USD80/bbl. YTD to October 3, the average Brent oil price was USD82/bbl, slightly...

Vietcap

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