- NT2 released its Q1 2023 results with revenue of VND2.2tn (USD93mn; +9% YoY) and reported NPAT-MI of VND234bn (USD10mn; 47% YoY). The strong NPAT was due to 8% YoY higher sales volume, strong sector competitive generation market (CGM) prices (+11% YoY) and lower gas prices (-5% YoY).  

- Q1 2023 NPAT completed 29% of our full-year forecast. We see upside risk to our 2023F NPAT of VND798bn as NT2 expects to receive further FX loss compensation of VND155bn in Q4 2023. This is the remaining compensation for the FX losses in 2019 and the compensation for the FX losses in 2020.

- NT2’s cash & cash equivalents balance was resilient at VND1.0tn as of March 31, which ensures the remaining cash dividend payment of VND1,500/share in H2 2023. At the company’s recent AGM, management stated that NT2 received earlier payments compared to other power plants amid Vietnam Electricity’s (EVN) financial difficulties.

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