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NT2 [BUY +48.4%] - New CEO will ensure the cash cow transition - Update Report

We cheer the appointment of NT2’s new CEO and raise our target price by 11.7% to VND42,800 (implying 48.4% TSR) due to higher earnings forecast over 2019-2021 and a lower risk-free rate. We expect solid Q1 2018 results as 2M sales volume recovered 23.2% YoY to 845 million kWh and the competitive generation market price (CGM price) was 34% higher than 3M 2017. We estimate Q1 recurring earnings will reach 28% of our full-year forecast.