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POW [BUY +41.4%] - Electricity shortage brightens outlook of giant producer - Update

We reiterate our BUY rating with a total return of 41.4%. We maintain our target price as higher earnings from faster fully-depreciated assets as well as a stronger demand outlook offset the postponement of Nhon Trach 3 and 4 gas-fired power plants. We raise our 2018F recurring earnings growth from 12.9% to 17.1% as we expect a lower depreciation from the Ca Mau gas-fired power plant (CMPP).