- 2022-10-28T00:00:00
- Company Research
- GEG released Q3 2022 results with revenue surging 67% YoY to VND522bn (USD21mn) and reported NPAT-MI surging 137% YoY to VND126bn (USD5mn). We attribute these solid results mainly to a one-off net gain of VND143bn (USD6mn) from GEG divesting stake in No.1 Renewable Energy JSC, which effectively owns 39% of the Tan Phu Dong 1 power plant and of the 35% Tan Phu Dong 2 power plant. We will seek for further details regarding this transaction.
- 9M 2022 reported NPAT-MI completed 77% of our full-year forecast, while 9M 2022 core NPAT completed 48% of our full-year projection. We see potential downside risk to our 2022 core NPAT despite Q4 being the high season for GEG’s hydropower and wind power plants
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