NT2 - NON-RATED - Best of breed power asset poised for listing - Visit Note

Company Research

11 Mar 2015

NT2 is part of PetroVietnam’s core natural gas fed generation assets made up of Ca Mau and Nhon Trach facilities. NT2 poised for listing in mid-2015. 10-year power purchase agreement (PPA) of USD6.5cent beneficial to NT2. VND650bn retrospective profit is planned to be book in 2015. Competitive Generation Market is not yet favourable for NT2. Non-Rated: NT2 trading at P/E of 7.0x FY15E our forecasted EPS of VND3,400 and dividend yield of 7.5%.
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