- NT2 announced robust Q2 2022 results with reported NPAT of VND365bn (USD16mn), which was 15x higher than Q2 2021 due to a strong volume recovery and robust competitive generation market (CGM) prices. These factors outweighed high gas prices and intensified competition from hydropower and renewable energy.  

- NT2’s H1 2022 NPAT was VND525bn, nearly quadrupling YoY and completing 69% of our 2022 reported NPAT forecast. In addition, this result completed 92% of our 2022 adjusted NPAT forecast (excluding VND200bn of EVN’s compensation for the previous year’s forex losses). 

- We see potential significant upside risk to our 2022 earnings forecast, pending for a fuller review.

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