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NT2 [OUTPERFORM +18.0%] - Priority for gas thermal plants suggests strong Q4 - Update

We increase our target price for NT2 marginally by 0.9% as 9M recurring NPAT completed 87.7% our old 2017 forecast and a recent Government request (decision 3698/QĐ-BCT) to prioritize gas thermal plants points to a strong Q4 result. We increase our 2017 recurring earnings forecast by 9.5%, but we still expect it to decline 9.0% YoY as volume is estimated to drop by 13.7% YoY due to major maintenance and heavy rain.