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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

PetroVietnam Power NhonTrach 2 / Equity Bottom-Up

<ul><li>PetroVietnam Power Nhon Trach 2 JSC (NT2) continued to maintain stable electricity dispatch from NT2 in 3Q25, with the alpha ratio (%Qc) estimated at 110%.</li><li>Total electricity generation and contracted output (Qc) reached 787mn kWh (+6% YoY) and 865mn kWh (+12% YoY), respectively.</li><li>As a result, net revenue rose 13% YoY to VND1,928bn. A key highlight was the strong rebound in gross profit, which surged 243% YoY to VND205bn, driven by: 1) the average gas price in 3Q25, estimated at US$9.24/mnBTU (-4% YoY); and 2) an estimated 9% YoY increase in average selling electricity prices (ASP) during 3Q25, thanks to high Qc.</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>

PetroVietnam Power Nhon Trach 2 JSC (NT2) continued to maintain stable electricity dispatch from NT2 in 3Q25, with the alpha ratio (%Qc) estimated at 110%.Total electricity generation and contracted output (Qc) reached 787mn kWh (+6% YoY) and 865mn kWh (+12% YoY), respectively.As a result, net revenue rose 13% YoY to VND1,928bn. A key highlight was the strong rebound in gross profit, which surged 243% YoY to VND205bn, driven by: 1) the average gas price in 3Q25, estimated at US$9.24/mnBTU (-4% YoY); and 2) an estimated 9% YoY increase in average selling electricity prices (ASP) during 3Q25, thanks to high Qc.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 Nhon Trach 2 JSC (NT2 VN) - Downgrade- Profit Exceeds Annual Target