- 117 shareholders (representing 82.1% of total outstanding shares) attended POW’s AGM on April 25. The meeting discussed the company’s Q1 2023 preliminary results, the business guidance for 2023, the Vung Ang plant’s technical issue and the progress of Nhon Trach 3 & 4.
- Shareholders approved no dividend for 2022, which is within our expectation as POW needs cash to fund its Nhon Trach 3 & 4 project.
- Shareholders approved 2023 guidance for revenue of VND30tn (USD1.3bn; +7% YoY) and NPAT before MI of VND1.1tn (VND47mn; -56% YoY), which we believe are conservative. We note that POW beat NPAT guidance by an average of 88% over the past four years.