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NT2 - Heavy rain hurt NT2 in 2016 but La Nina will not happen in 2017 - Earnings Flash

NT2 released 2016 results in line with our expectation. Due to political reasons, there is risk that NT2 might not get the Nhon Trach 3 project, which may lead us to discount our target price by 10% in a coming note to factor this risk. However, we maintain a BUY rating for the stock given its low P/E and high ROE on a stand-alone basis without the Nhon Trach 3 project.