We initiate on HND with a BUY rating and target price of VND20,100/share.HND operates two coal-fired power plants that have a total capacity 1,200MW and are located in Hai Phong, which is well-positioned to capture robust electricity demand in northern Vietnam. Thanks to effective maintenance and cost competitiveness, HND has consistently outperformed most coal-fired power plants in Vietnam (in our sample) in terms of utilization over the last five years.