PPC released Q4 2021 earnings results with NPAT of VND64bn (USD3mn; -87% YoY) vs NPAT of VND502bn (USD22mn) in Q4 2020. The weak earnings in Q4 2021 were mainly driven by a 65% YoY slump in sales volume that was due a partial technical shutdown of the Pha Lai 2 power plant that began in April 2021 in addition to a 62% YoY decline in contracted volume. PPC’s full-year 2021 NPAT was VND287bn (USD12mn; -72% YoY), completing 77% of our 2021F full-year forecast. PPC’s NPAT trailed our forecast due to lower-than-expected volume and dividend income. Per PPC, it is unlikely that the technical issues at Pha Lai 2 will be resolved in H1 2022, which implies downside risk to our current earnings forecast for 2022F, pending for a fuller review.