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NT2 - CGM price weakness slightly hit Q2 result - Earnings Flash

Low CGM prices in Q2 hurt earnings, leading us to revise down our full year forecast, which will likely impact our target price and our BUY recommendation. Q2 recurring earnings were flat due to weak CGM prices, leading us to lower our full year forecasted growth to 0.3%. NT2 released official Q2 results in which revenue touched VND1.56 trillion (USD 70.0 million, -21.3% YoY) mainly due to a decline in input gas prices (which is passed through to PPA price).