We downgrade POW from an OUTPERFORM to a MARKET PERFORM rating despite raising our target price by 32% to VND15,000/share. While we continue to see POW as a good play on Vietnam’s transition to LNG-fired power, there are notable investments risk for the stock including Ca Mau’s pending PPA review, sizable earnings headwinds for Nhon Trach 1 & 2 and expected heavy rainfall hurting overall thermal power volume this year.