Title | POW_BUY_TP 12,000_Upside 20%_Overcoming difficulties_BSC Company Update |
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Report Type | Phân tích công ty |
Source | BSC |
Bussiness | POW |
Detail |
Date : 22/07/2021 Total pages : 8 Language : English File Type : .PDF FileSize : 337 Kb Download: 161 Download |
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Short Content |
Valuation
BSC issues a BUY recommendation for POW stocks with a target price of VND 12,000/share, 20% upside compared to the price on 11/15/2020. Valuation is based on EV/EBITDA method with the expectation that: (1) Sao Vang - Dai Nguyet field will start operating from the end of 2020 to help offset the shortage of gas for NT1 & NT2 power plants; (2) Vung Ang Plant continues to maintain stable operating performance and (3) favorable hydrological situation helps to boost the output of hydropower plants.
Forecast of business performance
BSC forecasts that in 2020 POW's net revenue and profit after tax will reach VND
Catalyst
The market will receive new cash flows from investment funds according to the
MSCI FM Index and MSCI FM 100 Index from November 2020 when Kuwait is
upgraded. Accordingly, the proportion of POW shares in the iShare fund is
expected to increase from 0.13% to 0.33% (Link).
Investment risks
Financial result & business update
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