Company Insight

Update recommendation to BUY, target price of 16,000 VND

POW is a power generation company with a total installed capacity of 5,725 MW across diversified sources, including coal-fired, hydropower, and gas-fired plants. Notably, POW owns Vietnam’s first LNG-to-power plants, Nhon Trach 3 & 4, which officially commenced operations on December 14, 2025. Based on our DCF and EV/EBITDA valuation methodologies, we update our target price for POW to VND 16,000 per share.