PPC published nearly flat Q1 2021 results with NPAT of VND138bn (USD6mn, +2% YoY). These results were mainly driven by higher dividend income from HND (PPC’s 27%-owned associate) that masked PPC’s weak core earnings from its own power generation operations. While PPC’s Q1 2021 NPAT completed only 17% of our 2021F NPAT, we believe the company is still on track to achieve our forecast — pending for a fuller review — thanks to 1) our expectation that PPC’s competitive generation (CGM) volume will