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Equity Bottom-Up

Power Engineering Consulting JSC No.2 / Equity Bottom-Up

Power Engineering Consulting JSC No.2 (TV2 VN)

<ul><li style="text-align: justify;">We cut our target price (TP) for TV2 by 45% to VND32,200 and downgrade our rating from BUY to MARKET PERFORM.</li><li style="text-align: justify;">Our lower TP is mainly driven by a 55% downward revision in our aggregate NPAT forecast (respective changes of -19%/-72%/-57%/-62%/-20% for 2024/25/26/27/28F) as we remove potential revenue from the Song Hau 2 project (SH2P) following its recent progress.</li><li style="text-align: justify;">These outweigh the positive impact of rolling our TP horizon forward to mid-2025 and incorporating a 10% stake in Nui To I biomass (30 MW).</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 TV2 by 45% to VND32,200 and downgrade our rating from BUY to MARKET PERFORM.Our lower TP is mainly driven by a 55% downward revision in our aggregate NPAT forecast (respective changes of -19%/-72%/-57%/-62%/-20% for 2024/25/26/27/28F) as we remove potential revenue from the Song Hau 2 project (SH2P) following its recent progress.These outweigh the positive impact of rolling our TP horizon forward to mid-2025 and incorporating a 10% stake in Nui To I biomass (30 MW).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.

Power Consulting JSC 2 (TV2) - Expecting Strong Earnings Growth yet Valuation Looks Full