- We maintain our target price for REE at VND85,300/share and reiterate our BUY rating.

- REE announced resilient Q1 2023 results with revenue and NPAT-MI increasing 16% YoY and 8% YoY to VND2,369bn and VND745bn, respectively. The increase in NPAT-MI was mainly due to strong power and water earnings (+4% YoY and +35% YoY, respectively). 

- Power earnings continued to increase despite 2022’s high base thanks to robust hydropower earnings, which more than offset lower earnings from solar power, wind power and associate Pha Lai Thermal Power Joint Stock Company (HOSE: PPC).

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