- We raise our target price (TP) for NT2 by 3.3% to VND31,000/share and maintain our BUY rating as we increase our aggregate 2023-2027F reported NPAT-MI forecast by 3%. In addition, we raise our aggregate 2023-2027F adjusted NPAT forecast by 1%.

- Our higher aggregate NPAT forecast is mainly due to our higher bad debt provision reversal and interest income forecasts as well as our lower gas price assumptions .

- We forecast 2023F adjusted NPAT to increase 27% YoY with less competition from hydropower, which supports 10% YoY further volume growth after a 27% YoY volume recovery in 2022. Moreover, we forecast stronger competitive generation market (CGM) prices to offset higher gas prices. 

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