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NT2 [BUY +35%] - 2016 is shaping up for another fruitful year - Update

We raise TP for NT2 by 4% to VND34,900, TSR 35% on 12% increase in sales volume for 2016 vs. previous assumption. We expect that 2016 will be another dry year for hydro, while new supply growth is limited at 82% of demand growth and therefore setting up the same conditions that resulted in record utilization rate for NT2 in 2015.