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Equity Bottom-Up

Power Construction JSC / Equity Bottom-Up

<ul><li>In Q1/2023, PC1 recorded net revenue and NPAT-MI of VND 1,505 bn (+2% YoY) and VND 14.7 bn (-89% YoY), respectively.</li><li>Despite the new contributions from the nickel project and Nomura IP, the low profit is reflected in (1) lower earnings contribution from hydropower plants, whose output plummeted by 59% YoY, and (2) higher interest expenses, which totaled VND 202 bn (+81% YoY).</li><li>For Q2/2023, we forecast net sales and NPAT-MI at VND 1,518 bn (+1% QoQ, +0% YoY) and VND 39 (+166% QoQ, -38% YoY), respectively.</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>

In Q1/2023, PC1 recorded net revenue and NPAT-MI of VND 1,505 bn (+2% YoY) and VND 14.7 bn (-89% YoY), respectively.Despite the new contributions from the nickel project and Nomura IP, the low profit is reflected in (1) lower earnings contribution from hydropower plants, whose output plummeted by 59% YoY, and (2) higher interest expenses, which totaled VND 202 bn (+81% YoY).For Q2/2023, we forecast net sales and NPAT-MI at VND 1,518 bn (+1% QoQ, +0% YoY) and VND 39 (+166% QoQ, -38% YoY), respectively.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.

PC1 - Cautious with Growth Expectations Ahead