External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

PetroVietnam Power NhonTrach 2 / Equity Bottom-Up

<ul><li>We maintain BUY rating and raise our target price (TP) for NT2 by 15.7% to VND27,200/share, mainly due to: (1) our higher 2025-30F aggregate reported NPAT projection (respective changes of +65%/+12%/-1%/-7%/-3%/-2%), (2) the positive impact of rolling our TP horizon from mid-2026 to end-2026, and (3) a 50% higher net cash balance. </li><li>Our higher 2025-30F aggregate reported NPAT projection is mainly due to our 7% higher ASP assumption for 2025-30F following NT2’s stronger-than-expected 9M 2025 ASP which beat our forecast by 10% and a lower-than-expected gas price in Q3 (details on page 4).</li><li>We project NT2’s 2025 reported NPAT to surge 10x YoY to VND808bn, driven by (1) sales volume expanding 19% YoY, (2) a high contracted volume Qc of 3.5bn kWh (+ 58% YoY), and (3) the price spread increasing 73% YoY.</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 maintain BUY rating and raise our target price (TP) for NT2 by 15.7% to VND27,200/share, mainly due to: (1) our higher 2025-30F aggregate reported NPAT projection (respective changes of +65%/+12%/-1%/-7%/-3%/-2%), (2) the positive impact of rolling our TP horizon from mid-2026 to end-2026, and (3) a 50% higher net cash balance. Our higher 2025-30F aggregate reported NPAT projection is mainly due to our 7% higher ASP assumption for 2025-30F following NT2’s stronger-than-expected 9M 2025 ASP which beat our forecast by 10% and a lower-than-expected gas price in Q3 (details on page 4).We project NT2’s 2025 reported NPAT to surge 10x YoY to VND808bn, driven by (1) sales volume expanding 19% YoY, (2) a high contracted volume Qc of 3.5bn kWh (+ 58% YoY), and (3) the price spread increasing 73% YoY.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.

NT2 [BUY +34.3%] - Robust Profit to Drive Cash Dividend Tripling YoY - Update