We reiterate our BUY rating for POW and raise our target price by 2% to VND15,700/share. We continue to see POW as a good play on Vietnam’s structural transition to LNG-fired power. In addition, the PPA negotiation for the Ca Mau power plants is entering its final phase. We raise our target price by 2% mainly as POW’s net debt balance fell 13% QoQ while our earnings forecast remains unchanged for the forecast period.