NT2 – Update- Strong power dispatch during El Niño
Posted: Aug 14, 2026
- Net profit rose 24% yoy in 2Q26, supported by strong power dispatch, while lower depreciation and maintenance expenses helped improve margins.
- In 2026-27, as El Niño strengthens, we expect power dispatch to remain solid with high Qc allocation, supporting net profit growth of 1%/6% yoy, or 9%/8% above our Dec-2025 forecasts.
- Reiterate ADD with unchanged target price of 27,300VND/share
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