Research Center
Quay lại

POW [BUY +33.6%] - Giant electricity producer with huge growth potential - Initiation

We initiate POW with BUY rating and a target price of VND19,900/share, implying a total return of 33.6%. We project 2017 reported and recurring NPAT growth of 108.7% YoY and 86.3% YoY as Vung Ang turned around after a huge loss in 2016. 2018 recurring NPAT is expected to grow 12.9% YoY thanks to strong recovery of Nhon Trach 1 after major maintenance and Ca Mau’s PBT growing 19% after medium maintenance.