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POW [BUY +50.4%] - Audited financial statement completed, heading to HOSE - Update

We reiterate our BUY rating with a target price of VND19,600, implying a total return of 50.4%. We estimate 2018 earnings will rise 11.4% thanks to a strong recovery at Nhon Trach 1 after major maintenance and a lower depreciation at the Ca Mau plant. This result would be 5.0% lower than our previous forecast due to NT2’s technical gas supply issues and higher labor cost.