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Equity Bottom-Up

PetroVietnam Power Corp / Equity Bottom-Up

<ul><li>We raise our target price (TP) for POW by 17.2% to VND14,300/share and maintain our OUTPERFORM rating.</li><li>Our higher TP is driven by (1) the positive impact of rolling our TP horizon forward to end2026F (2) and a lower net debt projection (9M CFO was up 4x YoY with EVN’s faster payment), while our aggregate 2026-2030F NPAT-MI forecast is unchanged.</li><li>We maintain our aggregate NPAT-MI forecast due to: (1) 32% higher aggregate NPAT from Nhon Trach 2 (NT2) (see our NT2 Update Reports, dated July 18, 2025, dated October 21, 2025, and dated December 10, 2025), (2) an 80% higher aggregate NPAT projection for Hua Na (driven by higher output projections), and (3) 5% higher aggregate NPAT from Vung Ang (due to a 3% lower heat rate and lower provision for insurance compensation from PVI). </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 raise our target price (TP) for POW by 17.2% to VND14,300/share and maintain our OUTPERFORM rating.Our higher TP is driven by (1) the positive impact of rolling our TP horizon forward to end2026F (2) and a lower net debt projection (9M CFO was up 4x YoY with EVN’s faster payment), while our aggregate 2026-2030F NPAT-MI forecast is unchanged.We maintain our aggregate NPAT-MI forecast due to: (1) 32% higher aggregate NPAT from Nhon Trach 2 (NT2) (see our NT2 Update Reports, dated July 18, 2025, dated October 21, 2025, and dated December 10, 2025), (2) an 80% higher aggregate NPAT projection for Hua Na (driven by higher output projections), and (3) 5% higher aggregate NPAT from Vung Ang (due to a 3% lower heat rate and lower provision for insurance compensation from PVI). 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.

POW [OUTPERFORM +15.3%] - Nhon Trach 3&4 to Drive Longer-Term Earnings Growth - Update