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GENCO 3 - Capital restructuring, sector liberalization & equitization will turnaround Vietnam’s largest electricity producer - Pre-IPO Note

GENCO 3 plans to offer a 12.9% stake to the public and a 36.0% stake to strategic investors in 9 February 2018 via new issuance to reduce State’s stake from 100% to 51%. The IPO price at 19.4x ttm EPS can be justified with its huge growth potenital. 2017 consolidated NPAT (excluding forex translation loss) should grow 110.7% YoY as Buon Kuop hydro plant’s profits nearly quadruple and Mong Duong coal-fired power plants starts to contribute significant profit.