External broker reports(aggregated public sources), Vietcap

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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 6% to VND15,000/share but maintain our BUY rating.</li><li>The lower TP is due to (1) a 13.0% cut in our aggregate 2025–29F reported NPAT-MI forecast (with respective reductions of 20.6%/15.2%/24.5%/4.2%/3.5% for 2025–29F), which outweighs (2) the positive impact of rolling our valuation forward to mid-2026.</li><li>The downward revision in NPAT-MI is driven by (1) a 5% cut in CGM prices as highlighted in our Thermal Power Sector Update dated June 02, 2025, which outweighs (2) 2% lower average material costs due to the decline in mixed coal prices (see Energy Sector Update, dated April 25, 2025).</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 6% to VND15,000/share but maintain our BUY rating.The lower TP is due to (1) a 13.0% cut in our aggregate 2025–29F reported NPAT-MI forecast (with respective reductions of 20.6%/15.2%/24.5%/4.2%/3.5% for 2025–29F), which outweighs (2) the positive impact of rolling our valuation forward to mid-2026.The downward revision in NPAT-MI is driven by (1) a 5% cut in CGM prices as highlighted in our Thermal Power Sector Update dated June 02, 2025, which outweighs (2) 2% lower average material costs due to the decline in mixed coal prices (see Energy Sector Update, dated April 25, 2025).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.

Quang Ninh Thermal Power (QTP) - Dividend Yield Remains Attractive