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External broker reports(aggregated public sources)

Equity Bottom-Up

Pha Lai Thermal Power JSC / Equity Bottom-Up

<ul><li>We lower our target price (TP) for PPC by 5% to VND12,400/share and downgrade our rating to MARKET PERFORM from BUY.</li><li>The lower TP reflects (1) a 10% lower valuation for PPC’s standalone power business and (2) a 6% drop in QTP’s valuation, driven by a 13% cut in its 2025–29F aggregate reported NPAT-MI forecast.</li><li>Our 10% reduction in PPC’s standalone power generation business valuation is driven by (1) our 33% lower aggregate NPAT-MI forecast (respective cuts of 50%/40%/43%/19%/20% in 2025-29F), outweighing (2) the positive impact of rolling our valuation forward to mid-2026. </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 PPC by 5% to VND12,400/share and downgrade our rating to MARKET PERFORM from BUY.The lower TP reflects (1) a 10% lower valuation for PPC’s standalone power business and (2) a 6% drop in QTP’s valuation, driven by a 13% cut in its 2025–29F aggregate reported NPAT-MI forecast.Our 10% reduction in PPC’s standalone power generation business valuation is driven by (1) our 33% lower aggregate NPAT-MI forecast (respective cuts of 50%/40%/43%/19%/20% in 2025-29F), outweighing (2) the positive impact of rolling our valuation forward to mid-2026. 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.

Pha Lai Thermal Power JSC - Potential LNG Transition Signals New Growth Phase