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NT2 [BUY +41%] - Higher earnings support a dividend hike - Update

We revise up TP for NT2 by 3% to VND33,500 following its impressive Q3 (low season) sales volume of 1,174m kWh, beating our forecast by 30%. This drives us to raise our utilization rate assumption the second time to 80% (our original assumption was 70%). NT2’s Q3 estimates is conservative. Our estimates are 14% higher than the company’s guidance in terms of core profit.