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NT2 [BUY +20%] - Visibility on third plant, the possibility of a fourth plant and operation of Wholesale Competitive Market raises valuation - Update

NT2’s CEO presented H1 results and the company’s long-term outlook at the Ho Chi Minh Stock Exchange this morning. In response, we raise our TP for NT2 by 15% as we revise up our terminal growth rate for NT2 from 1.5% to 4.5% to capture its growth potential. This growth potential will come from Nhon Trach 3 (800 MW), Nhon Trach 4 (800 MW) and the operation of the Wholesale Competitive Market starting from 2019 onward, which should raise producer ASPs.