[NT2/HOLD/TP: VND 30,900] - Power output is expected to continue recover
Nhon Trach 2 Petroleum Power JSC (HoSE: NT2) is one of the largest capacity gas-fired thermal power companies listed on the stock exchange. Based on the FCFF and PE methods, we update the target price of NT2 at VND 30,900 equivalent to an expected return of 10%. In 2023, we evaluate NT2 as an investment that can continue to be held in the portfolio because: (1) Output could continue to improve as the mobilization rate from hydropower declines; (2) Healthy finances, low amount of debt, and high potential cash dividends.
NT2-PetroVietnam Power Nhon Trach 2 JSC
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