89 shareholders (owning 87.7% of total outstanding shares) attended NT2’s AGM on April 19. The meeting discussed the company’s Q1 2023 preliminary results, its business guidance for 2023, major maintenance in 2023, FX loss compensation, and bad debt provision expense from the Phu My – Ho Chi Minh gas pipeline.

Shareholders approved a 2022 cash dividend of VND2,500/share (in line with our forecast) and guidance for a 2023 cash dividend of VND1,500/share. We currently forecast a 2023 cash dividend of VND3,500/share due to NT2’s ample cash balance and POW’s cash demand for the Nhon Trach 3 & 4 project.

Shareholders approved 2023 guidance for revenue of VND8.3tn (USD352mn; -6% YoY) and NPAT of VND473bn (USD20mn; -46% YoY), which we believe is conservative. We note that NT2 beat its guidance by ~40% over the past eight years and by ~90% in 2022.