[QTP/BUY/TP: VND 17,500] - Record output and attractive dividends


Update recommendation BUY, target price at VND 17,500

Quang Ninh Thermal Power JSC (UPCOM: QTP) is one of the largest designed capacity thermal power companies on the stock exchange (1200MW). Quang Ninh 1&2 Thermal Power Plant supplies electricity directly to the key economic region of the North with stable demand. In addition, this plant is also located in the area with the most abundant coal reserves in the country. Based on the FCFF and PE methods, we update the target price of QTP at VND 17,500. In 2024, we believe that QTP continues to be an attractive investment because: (1) Expected output recovery is supported by many factors such as: Elnino lasting until mid-2024, expected recovery of industrial production, the power shortage in the North still occurs; (2) Strong financial health, expected to pay off all debts and high potential dividends.

QTP-Quang Ninh Thermal Power JSC
Hoang Nam

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