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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 maintain our target price (TP) for TV2 at VND43,900/share but upgrade our rating from OUTPERFORM to BUY as the share price has declined 5.5% in the past two months.</li><li style="text-align: justify;">Our TP is unchanged as our (1) incorporation of the 25% economic interest in Tan Thuan Wind Farm phase 3 (25 MW) and the 25% economic interest in An Dong 1 Wind Farm (50 MW), plus (2) our 30% higher Thac Ba 2 Hydropower valuation, offset (3) a 12% lower valuation for the core business engineering, procurement, and construction (EPC), operation &amp; maintenance (O&amp;M) and mechanical manufacturing, and (4) 5% lower Tan Thuan Wind Farm phases 1&amp;2 valuation.</li><li style="text-align: justify;">We increase our aggregate NPAT forecast by 28% (respective changes of - 13%/+15%/+51%/+22%/+44% for 2025/26/27/28/29F) as (1) we incorporate shared profit from associates following TV2’s change in its accounting method for recognizing investment in associates from the cost to equity method in its Q2 2025 audited financial statements, and (2) projected potential revenue from the EPC contract for the Tan Thuan Wind Farm phase 3 and An Dong 1 Wind Farm, which outweigh (3) higher projected SG&amp;A expenses.</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 maintain our target price (TP) for TV2 at VND43,900/share but upgrade our rating from OUTPERFORM to BUY as the share price has declined 5.5% in the past two months.Our TP is unchanged as our (1) incorporation of the 25% economic interest in Tan Thuan Wind Farm phase 3 (25 MW) and the 25% economic interest in An Dong 1 Wind Farm (50 MW), plus (2) our 30% higher Thac Ba 2 Hydropower valuation, offset (3) a 12% lower valuation for the core business engineering, procurement, and construction (EPC), operation &amp; maintenance (O&amp;M) and mechanical manufacturing, and (4) 5% lower Tan Thuan Wind Farm phases 1&amp;2 valuation.We increase our aggregate NPAT forecast by 28% (respective changes of - 13%/+15%/+51%/+22%/+44% for 2025/26/27/28/29F) as (1) we incorporate shared profit from associates following TV2’s change in its accounting method for recognizing investment in associates from the cost to equity method in its Q2 2025 audited financial statements, and (2) projected potential revenue from the EPC contract for the Tan Thuan Wind Farm phase 3 and An Dong 1 Wind Farm, which outweigh (3) higher projected SG&amp;A expenses.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) - Two Additional Wind Farms Add Value