Vinh Son - Song Hinh Hydropower JSC (HoSE: VSH) is one of the enterprises owning hydropower plants with the largest capacity listed on the stock exchange. Based on FCFF and PE methods, we update VSH's target price at VND 39,500 with our hold recommendation. In 2023, we forecast that VSH's revenue and profit will slow down because: (1) Favorable weather is expected to pass; (2) Revenue and profit of 2022 reached peak levels.
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