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External broker reports(aggregated public sources)

Equity Bottom-Up

Quang Ninh Thermal Power  / Equity Bottom-Up

<ul><li>We lower our target price (TP) for QTP by 3% to VND14,600/share but maintain our BUY rating.</li><li>The lower TP is driven by (1) a higher capex forecast of VND3.2tn for 2026–30F (vs previous VND2tn for 2025–29F), outweighing (2) a 10% upward revision to our aggregate 2025–29F NPAT-MI (with respective changes of –11%/+4%/+16% /+11%/ +23% for 2025–29F), and the positive impact of rolling our TP to end-2026.</li><li>The higher NPAT-MI driven by deferring our depreciation assumption for the environmental upgrade to beyond 2030, in line with management guidance.</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 QTP by 3% to VND14,600/share but maintain our BUY rating.The lower TP is driven by (1) a higher capex forecast of VND3.2tn for 2026–30F (vs previous VND2tn for 2025–29F), outweighing (2) a 10% upward revision to our aggregate 2025–29F NPAT-MI (with respective changes of –11%/+4%/+16% /+11%/ +23% for 2025–29F), and the positive impact of rolling our TP to end-2026.The higher NPAT-MI driven by deferring our depreciation assumption for the environmental upgrade to beyond 2030, in line with management guidance.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.

QTP [BUY +21.0%] - Volume to Lead 2026 Growth; Compelling Dividend Yield - Update