- NT2 released Q2 2023 results with revenue of VND2.2tn (-19% YoY) and reported NPAT-MI of VND144bn (-61% YoY). We attribute the decline in NPAT-MI to (1) an 11% YoY decrease in sales volume due to a gas shortage, (2) a 9% YoY lower average selling price (ASP) due to lower gas prices and NT2’s limited participation in the competitive generation market (CGM), and (3) higher operations & maintenance (O&M) costs due to NT2 running on diesel oil (DO) in May 2023. 

- NT2’s H1 2023 revenue and reported NPAT-MI were VND4.4tn (-7% YoY) and VND378bn (-28% YoY), respectively. These results completed 53% and 62% of our respective full-year forecasts and are in line with our expectations as we expect NT2’s H2 2023 sales volume will be lower vs H1 2023 due to a 44-day maintenance period starting from September 7, 2023. We see insignificant change to our 2023F NPAT forecast, pending a fuller review.