Company Insight

PetroVietnam Power Nhon Trach 2 Joint Stock Company (HoSE: NT2) is one of the gas-fired power companies owning one of the largest-capacity power plants listed on the stock exchange. Based on the FCFF and EV/EBITDA valuation methods, we update NT2’s target price at VND 31,900. In 2026, we assess NT2 to continue being an attractive investment because: (1) Electricity output is expected to return to average levels thanks to secured gas supply; (2) The Qc ratio is expected to remain high in 2026; (3) The end of depreciation expenses will contribute to profit improvement; (4) A healthy financial position along with an attractive dividend payout policy.