POW – Update – Nhon Trach 3&4 to drive earnings growth
Posted: May 27, 2026
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1Q26 revenue and NP grew 52% YoY and 170% YoY, respectively. Notably, Nhon Trach 3&4 actual dispatch reached only 61% of assigned Qc, allowing compensation revenue recognition and supporting gross margin expansion.
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While other plants maintain stable, high Qc allocation for NT3&4 is expected to support POW’s NP growth of 5% YoY in 2026 and 21% YoY in 2027.
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Reiterate ADD with higher target price of VND16,700/share.
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