Macro/ Strategy

In the past 6 months, the going green portfolio increased by +8% compared to the overall market's decline of -2%, thanks to the strong price gains of GAS, NT2, with respective increases of 31%, 14.8%, and 15.4%.

2025 Business Update: Revenue and profit in the portfolio have grown by +26% and +38.6% YoY, respectively, thanks to the general recovery of most stocks (including hydropower, gas power, renewable energy, and the electrical construction consulting group). Notably, NT2, GEG, and PC1 saw the strongest growth in NPATMI, at 1,263%, 511%, and 124% YoY, respectively, thanks to a robust recovery from the bottom. For NT2, this was driven by a significant improvement in the Qc ratio, GEG benefited from new wind power policies, and PC1 saw strong growth in the construction sector.

We expect that policy support will continue to be introduced, having a strong and positive impact on the renewable energy and electrical construction groups. In addition, the ongoing tension from the conflict has caused a rise in coal and oil prices, and we believe that LNG and domestic gas power plants will face reduced capacity utilization. Within the portfolio, we favor stocks like PC1, TV2, and GEG due to the strong benefits from the adjusted PDP VIII policies. HDG is also a suitable option due to expectations of resolving solar power projects and ramping up sales at Charm Villas Phase 3. On the other hand, we have removed VSH from the portfolio as it no longer meets liquidity criteria.