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NT2 [BUY +23.8%] - Enjoy the dividend and wait for 2018 recovery - Update

We maintain our target price for NT2 as the H1 result was broadly in line with our forecast set out in the latest update report of July 4, 2017. We upgrade NT2 to BUY as the stock has fallen 3.3% since the above-mentioned update note. H1 revenue increased 20.3% YoY to reach 3.6 trillion (USD156 million), but this was due to a change in the gas price mechanism which resulted in a gas price increase of 40.1% and was passed through to the Power Purchase Agreement price.