NT2 - NON-RATED - Best of breed power asset poised for listing - Visit Note
NT2 is part of PetroVietnam’s core natural gas fed generation assets made up of Ca Mau and Nhon Trach facilities. NT2 poised for listing in mid-2015. 10-year power purchase agreement (PPA) of USD6.5cent beneficial to NT2. VND650bn retrospective profit is planned to be book in 2015. Competitive Generation Market is not yet favourable for NT2. Non-Rated: NT2 trading at P/E of 7.0x FY15E our forecasted EPS of VND3,400 and dividend yield of 7.5%.