- We maintain our target price (TP) for NT2 at VND30,000/share and reiterate our BUY rating as the positive impact of rolling our TP to end-2023 offsets a 100-bps increase in our equity risk premium assumption. We maintain our aggregate 2022-2026F adjusted NPAT forecasts. 

- We raise our 2022F adjusted NPAT forecast by 1% on higher competitive generation market price assumption and slightly lower gas price. However, we reduce 2022F reported NPAT forecast by 1% due to unexpected provision for bad debt recognized in Q3 result (Details on page 9).

- We forecast 2023F adjusted NPAT to increase 13% YoY with less competition from hydropower, short-term slow progress of renewable energy which could support further 7% YoY volume growth after strong volume recovery of 31% YoY in 2022. 

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