Vinh Son – Song Hinh Hydropower JSC (HOSE: VSH) is one of the largest hydropower companies in central Vietnam and has a total installed capacity of 356 MW. VSH is a subsidiary of REE (BUY, TP VND75,000/share — please see our May 17, 2021 Update Report for details). Q1 2021 NPAT–MI surged 95x YoY from a low base to VND101.5bn primarily thanks to more rainfall since late 2020. Notably, electricity output grew 172.3% YoY in Q1 2021 to ~227mn kWh. VSH guides for NPAT-MI to decline 39%