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NT2 [Initiate BUY +30%] - Best of breed power asset poised for listing - Initiation

We initiate on NT2 with a BUY rating and DCF–derived target price of 29,300 (share upside 23.6% & TSR 30.0%). NT2 is trading at a PER of 6.4x on our FY15E’s forecasted recurring EPS of VND3,688, a 46.2% discount compared to its regional peers. - Nhon Trach 2 is the most modern gas-fired power plant in Viet Nam that uses combined gas cycle technology (Siemens - German) which helps to minimize natural gas consumption per kWh as well as minimize internal wear-and-tear.