- QTP has two young coal-fired power plants with total capacity of 1,200 MW. The company is located in Quang Ninh Province and is poised to capture robust electricity demand in northern Vietnam while leveraging Vietnam’s largest coal mine, helping QTP to face a minimal coal shortage risk.

- QTP is 16%-stake associate company of Pha Lai Thermal Power JSC (HOSE: PPC). Our forecasts for QTP are consistent with our assumptions in our April 28, 2022 PPC Update Report. We expect QTP’s earnings and dividends to increase on the back of lower depreciation and interest expenses. 

- We forecast DPS of VND1,600 in 2022-2026F when QTP’s debt balance decreases significantly.

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