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External broker reports(aggregated public sources)

Equity Bottom-Up

PetroVietnam Power NhonTrach 2 / Equity Bottom-Up

<ul><li>We cut our target price (TP) for NT2 by 6.4% to VND20,600/share and maintain our OUTPERFORM rating, mainly due to our 13% lower aggregate 2025-29F reported NPAT-MI forecast (respective changes of -45%/+43%/-37%/-12%/-11%), which outweighs the positive impact from rolling our TP horizon forward to mid-2026.</li><li>Our lower aggregate reported NPAT is mainly driven by our (1) 4% aggregate sales volume cut and</li><li>(2) 1% lower average 5Y ASP (driven by our 5% lower sector CGM prices, see our Thermal Sector Update, dated June 02, 2025); these factors together outweigh (3) our 4% lower 5Y gas price (driven by our lower Brent oil and FO prices forecasts as in our Energy Sector Report– April 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 cut our target price (TP) for NT2 by 6.4% to VND20,600/share and maintain our OUTPERFORM rating, mainly due to our 13% lower aggregate 2025-29F reported NPAT-MI forecast (respective changes of -45%/+43%/-37%/-12%/-11%), which outweighs the positive impact from rolling our TP horizon forward to mid-2026.Our lower aggregate reported NPAT is mainly driven by our (1) 4% aggregate sales volume cut and(2) 1% lower average 5Y ASP (driven by our 5% lower sector CGM prices, see our Thermal Sector Update, dated June 02, 2025); these factors together outweigh (3) our 4% lower 5Y gas price (driven by our lower Brent oil and FO prices forecasts as in our Energy Sector Report– April 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.

PetroVietnam Nhon Trach 2 Power (NT2) - 2025-26F NPAT to Surge on Output Recovery, One-Off Income