PPC’s 2016 revenue fell 22.2% YoY to VND5.9 trillion (USD263.3 million) while recurring NPAT decreased by 38.9% YoY to VND671 billion (USD29.6 million). Such poor results are attributed to dwindling sales volume, lower contracted volume as well as low competitive generation market prices. However, recurring NPAT still surpassed our forecast by 24.8% given higher financial income than expected and possible lower maintenance expense. We may revise up our rating for PPC in a coming note.