- 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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