QTP - H1 2024 NPAT-MI flat YoY, slightly trails expectations - Earnings Flash
  • 2024-07-17T00:00:00
  • Company Research
  • QTP released its Q2 2024 results with revenue of VND3.6tn (-2% YoY) and reported NPAT-MI of VND160bn (-35% YoY). We attribute the lower YoY NPAT-MI to (1) 4% YoY lower sales volume coupled with an unfavorable CGM market (21% YoY lower CGM prices), and (2) 19% YoY higher maintenance & other expenses. These factors outweigh (3) 37% YoY lower depreciation expenses and (4) 59% YoY lower financial expenses. 
  • In H1 2024, revenue was VND6.6tn (-1% YoY) and reported NPAT-MI was VND387bn (-1% YoY). We attribute the YoY flat NPAT-MI to (1) 2% YoY higher sales volume and (2) 35% YoY lower depreciation expenses, which offset (3) 19% YoY higher maintenance and other expenses (completing 94% of our full-year forecast), and (4) YoY higher average material costs (according to QTP).
  • H1 2024 results are slightly lower than our expectations, completing 53% and 46% of our 2024 respective full-year revenue and reported NPAT-MI forecasts. We see slight downside risk to our earnings forecast due to a higher-than-expected coal price, pending a fuller review.

QTP’s H1 2024 results

VND bn

Q2

2023

Q2

2024

YoY
 %

H1

2023

H1

2024

YoY %

% of Vietcap’s 2024F

Sales volume (million kWh)

2,099

2,024

-4%

3,756

3,820

2%

53%

Price spread (VND/kWh)

351

305

-13%

357

337

-6%

97%

ASP (VND/kWh)

1,767

1,793

1%

1,787

1,734

-3%

100%

Average material cost (VND/kWh)

1,416

1,487

5%

1,430

1,397

-2%

101%

Revenue

3,708

3,628

-2%

6,704

6,638

-1%

53%

     COGS

-3,409

-3,417

0%

-6,226

-6,143

-1%

54%

     - In which, depreciation expense

-218

-138

-37%

-444

-290

-35%

48%

     - In which, maintenance & other expenses

-168

-200

19%

-302

-361

19%

94%

Gross Profit

299

211

-29%

478

495

4%

47%

     G&A

-23

-25

11%

-44

-48

9%

40%

Operating profit (EBIT)

277

186

-33%

434

447

3%

48%

Financial income

2

0

-95%

17

0

-99%

1%

Financial expenses

-16

-7

-59%

-36

-15

-57%

81%

     In which, interest expense

-16

0

-100%

-35

-6

-83%

32%

PBT

262

178

-32%

413

430

4%

46%

     Income tax expense

-13

-18

36%

-21

-43

108%

46%

Reported NPAT

248

160

-35%

392

387

-1%

46%

Source: QTP, Vietcap

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