External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Quang Ninh Thermal Power  / Equity Bottom-Up

<ul><li>We lower our target price (TP) for QTP by 3% to VND14,600/share but maintain our BUY rating.</li><li>The lower TP is driven by (1) a higher capex forecast of VND3.2tn for 2026–30F (vs previous VND2tn for 2025–29F), outweighing (2) a 10% upward revision to our aggregate 2025–29F NPAT-MI (with respective changes of –11%/+4%/+16% /+11%/ +23% for 2025–29F), and the positive impact of rolling our TP to end-2026.</li><li>The higher NPAT-MI driven by deferring our depreciation assumption for the environmental upgrade to beyond 2030, in line with management guidance.</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 target price (TP) for QTP by 3% to VND14,600/share but maintain our BUY rating.The lower TP is driven by (1) a higher capex forecast of VND3.2tn for 2026–30F (vs previous VND2tn for 2025–29F), outweighing (2) a 10% upward revision to our aggregate 2025–29F NPAT-MI (with respective changes of –11%/+4%/+16% /+11%/ +23% for 2025–29F), and the positive impact of rolling our TP to end-2026.The higher NPAT-MI driven by deferring our depreciation assumption for the environmental upgrade to beyond 2030, in line with management guidance.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.

QTP [BUY +21.0%] - Volume to Lead 2026 Growth; Compelling Dividend Yield - Update

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

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>We expect Vietnam’s power sector outlook in 2026 to be significantly shaped by weather dynamics and energy price volatility.</li><li>According to NOAA’s March 2026 update, climate conditions are likely to shift from La Niña to El Niño in 2H26, with the probability of El Niño rising to 70%, higher than the sub-60% estimate in February.</li><li>This implies less favorable hydrological conditions, which could weigh on hydropower output. </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>

We expect Vietnam’s power sector outlook in 2026 to be significantly shaped by weather dynamics and energy price volatility.According to NOAA’s March 2026 update, climate conditions are likely to shift from La Niña to El Niño in 2H26, with the probability of El Niño rising to 70%, higher than the sub-60% estimate in February.This implies less favorable hydrological conditions, which could weigh on hydropower output. 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.

Electric Utility Sector (Neutral) - From Demand Boom to Energy Transition

<ul><li>We lower our target price (TP) for QTP by 6% to VND15,000/share but maintain our BUY rating.</li><li>The lower TP is due to (1) a 13.0% cut in our aggregate 2025–29F reported NPAT-MI forecast (with respective reductions of 20.6%/15.2%/24.5%/4.2%/3.5% for 2025–29F), which outweighs (2) the positive impact of rolling our valuation forward to mid-2026.</li><li>The downward revision in NPAT-MI is driven by (1) a 5% cut in CGM prices as highlighted in our Thermal Power Sector Update dated June 02, 2025, which outweighs (2) 2% lower average material costs due to the decline in mixed coal prices (see Energy Sector Update, dated April 25, 2025).</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 target price (TP) for QTP by 6% to VND15,000/share but maintain our BUY rating.The lower TP is due to (1) a 13.0% cut in our aggregate 2025–29F reported NPAT-MI forecast (with respective reductions of 20.6%/15.2%/24.5%/4.2%/3.5% for 2025–29F), which outweighs (2) the positive impact of rolling our valuation forward to mid-2026.The downward revision in NPAT-MI is driven by (1) a 5% cut in CGM prices as highlighted in our Thermal Power Sector Update dated June 02, 2025, which outweighs (2) 2% lower average material costs due to the decline in mixed coal prices (see Energy Sector Update, dated April 25, 2025).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.

Quang Ninh Thermal Power (QTP) - Dividend Yield Remains Attractive

<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>With the rise of renewable energy trend, the share of electricity production from fossil fuels has gradually declined, particularly coal and oil driven by the environmental and climate concerns and healthy risk associated with fossil fuels.</li><li>However, coal-fired power source is still the largest electricity production sources around the globe, accounting for 36% in 2023, decreased from 40% in 2005.</li><li>Natural gas kept a stable position in global power production, fluctuating around 22%-24%.</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>

With the rise of renewable energy trend, the share of electricity production from fossil fuels has gradually declined, particularly coal and oil driven by the environmental and climate concerns and healthy risk associated with fossil fuels.However, coal-fired power source is still the largest electricity production sources around the globe, accounting for 36% in 2023, decreased from 40% in 2005.Natural gas kept a stable position in global power production, fluctuating around 22%-24%.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) - The transitions to low carbon electricity systems

Vietnam

Quang Ninh Thermal Power Joint Stock Company provides utility services. The Company offers electricity production services. Quang Ninh Thermal Power serves customers in Vietnam.

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Quang Ninh Thermal Power (QTP VN)

QTP [BUY +21.0%] - Volume to Lead 2026 Growth; Compelling Dividend Yield - Update

The higher NPAT-MI driven by deferring our depreciation assumption for the environmental upgrade to beyond 2030, in line with management guidance.

Vietcap

Electric Utility Sector (Neutral) - From Demand Boom to Energy Transition

We expect Vietnam’s power sector outlook in 2026 to be significantly shaped by weather dynamics and energy price volatility. According to NOAA’s...

Mirae Asset Securities

Quang Ninh Thermal Power (QTP) - Dividend Yield Remains Attractive

The downward revision in NPAT-MI is driven by (1) a 5% cut in CGM prices as highlighted in our Thermal Power Sector Update dated June 02, 2025

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

Vietnam Electricity Sector (Neutral) - The transitions to low carbon electricity systems

With the rise of renewable energy trend, the share of electricity production from fossil fuels has gradually declined, particularly coal and oil...

Mirae Asset Securities

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