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NT2 [BUY +58%] - Highest sales volume since inception - Update

TP revised up by 19% to VND35,000 (TSR 58%) and re-iterate BUY rating. Q2 output of 1.4b kWh helped 1H sales volume to grow 18% vs. 1H14A and led to 1H15A’s core NPAT soaring by 2.2x vs. 1H14A. We estimate NT2 will be able to pay sustainable DPS of VND1,500 (implying yield of 6.5%) if EUR does not appreciate significantly more than 10% p.a.