HND [OUTPERFORM +12.3%] - Decent dividend yield amid earnings headwinds - Update Report
  • 2021-05-05T17:45:52
  • Company Research
We reiterate our OUTPERFORM rating but cut our target price (TP) for HND by 9%. While we continue to believe that HND is one of the best performing coal-fired gencos in Vietnam in terms of capacity utilization, a higher-than-expected reduction in fixed PPA price is causing HND’s NPAT outlook over the next three years to be much worse than previously expected.