- 2024-07-18T00:00:00
- Company Research
- NT2 announced its Q2 2024 results with revenue of VND2,186bn (USD86mn; +0% YoY) and reported NPAT-MI of VND122bn (USD4.8mn; -16% YoY). The Q2 sales volume was 1,026 million kWh (-3% YoY), which we attribute to the strong power consumption and the higher-than-expected monthly assigned volume for NT2 despite the low mobilization plan of the National Load & Dispatch Center (NLDC) in December 2023. We attribute the flat YoY revenue growth to the 3% higher ASP offsetting the 3% lower sales volume. Meanwhile, the 16% YoY lower in reported NPAT-MI is due to (1) a 21% YoY lower CGM price and (2) a lower Qc ratio at 70% vs. 80% last year.
- For H1 2024, NT2 reported a sales volume of 1,178 million kWh (-45% YoY; 57% of our 2024F), resulting in a revenue of VND2,448bn (USD96.5mn; -44% YoY) and a net loss of VND36bn (USD1.4mn) vs the NPAT-MI of VND378bn in H1 2023), which complete 55% and 31% of our respective full-year forecasts. These results are roughly in line with our expectations as we expect NT2 to record VND155bn in FX loss compensation from the EVN in Q4, which will help to relieve its loss in Q3 and full-year earnings to reach our 2024F forecast of VND116bn loss.
- Overall, we see insignificant changes to our current forecasts, pending a more comprehensive review. We currently have a MARKET PERFORM rating for NT2 with a target price of VND21,300/share.
NT2’s H1 2024 results
VND bn | Q2 2023 | Q2 2024 | YoY (%) | H1 2023 | H1 2024 | YoY (%) | % of 2024F |
Sales volume (million kWh) | 1,054 | 1,026 | -3% | 2,129 | 1,178 | -45% | 57% |
Qc (million kWh) | 1,054 | 756 | -28% | 2,130 | 846 | -60% | 58% |
ASP (VND/kWh) | 2,071 | 2,130 | 3% | 2,051 | 2,078 | 1% | 99% |
Gas price (USD/MMBTU) | 10.2 | 9.5 | -7% | 8.9 | 9.4 | 6% | 101% |
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Revenue | 2,183 | 2,186 | 0% | 4,366 | 2,448 | -44% | 55% |
COGS | -2,021 | -2,057 | 2% | -3,952 | -2,544 | -36% | 54% |
Gross profit | 162 | 129 | -20% | 414 | -96 | N.M. | 49% |
SG&A | -18 | -18 | 3% | -38 | -33 | -12% | 38% |
Operating profit | 144 | 111 | -23% | 376 | -129 | N.M. | 46% |
Financial income | 18 | 19 | 10% | 40 | 39 | -2% | 33% |
Financial expense | -5 | -9 | 73% | -12 | -17 | 38% | 49% |
Other income | 0 | 1 | N.M. | 0 | 71 | N.M. | 102% |
Profit before tax | 157 | 122 | -22% | 404 | -36 | N.M. | 28% |
NPAT-MI, reported | 145 | 122 | -16% | 378 | -36 | N.M. | 31% |
NPAT-MI, adjusted | 145 | 124 | -14% | 378 | -104 | N.M. | 35% |
Source: NT2, Vietcap
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