- We attended POW’s analyst meeting on July 5, 2022. 

- POW announced H1 2022 preliminary results with NPAT before MI of VND1,159bn (-20% YoY), completing 42% of our full-year forecast. In addition, POW’s H1 2022 sales volume was 7.1 billion kWh (-25% YoY), completing 41% of our full-year forecast (see Figure 1). As a result, we see potential downside risk to our 2022 earnings forecast, pending a fuller review.

- In terms of the profit breakdown, NT2 (which has an efficiency ratio of 58% — the highest among Vietnam’s gas-fired plants), Nhon Trach 1 and hydropower companies outperformed. On the other hand, the Ca Mau and Vung Ang plants underperformed due to gas and coal shortages, respectively.  

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