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QTP - Reported NPAT-MI slightly below forecast due to weak Q4 volume - Earnings Flash

Company Research

21 Jan 2025

  • QTP released its Q4 2024 revenue of VND2.9tn (+1% YoY), while reported NPAT-MI was VND185bn (-11% YoY). The decrease in reported NPAT-MI was primarily due to a 9% YoY decline in sales volume and a 16% YoY increase in average material costs. These factors outweighed a 37% YoY reduction in depreciation expenses.
  • For the full year 2024, QTP recorded revenue of VND11.9tn (-1% YoY) and reported NPAT-MI of VND650bn (+6% YoY). Growth in reported NPAT-MI was driven by a 36% YoY reduction in depreciation expenses and a 68% YoY decrease in financial expenses. These outweigh a 5% YoY decline in sales volume, a 6% YoY increase in average material costs, and a 16% YoY rise in maintenance and other expenses.
  • The 2024 reported NPAT-MI fell below our expectations, completing only 91% of our forecast. This is mainly due to lower-than-expected sales volume and higher-than-expected average material costs.
  • We see slight downside risk to our 2025 NPAT forecast, pending a fuller review.

QTP’s 2024 results

VND bn

Q4 
2023

Q4 
2024

YoY  %

2023

2024

YoY %

% of Vietcap’s 2024F

Sales volume (million kWh)

1,777

1,610

-9%

7,085

6,730

-5%

98%

Price spread (VND/kWh)

321

307

-4%

321

307

-4%

89%

ASP (VND/kWh)

1,602

1,791

12%

1,698

1,774

4%

100%

Average material cost (VND/kWh)

1,281

1,484

16%

1,361

1,447

6%

102%

Revenue

2,847

2,884

1%

12,058

11,908

-1%

98%

     COGS

-2,570

-2,636

3%

-11,241

-11,051

-2%

98%

     - In which, depreciation expenses

-218

-138

-37%

-880

-567

-36%

94%

     - In which, maintenance & other expenses

33

-12

N.M.

-457

-528

16%

106%

Gross Profit

277

248

-10%

817

858

5%

94%

     G&A

-46

-41

-11%

-114

-115

1%

96%

Operating profit (EBIT)

231

207

-10%

703

743

6%

93%

Financial income

3

5

115%

23

7

-71%

55%

Financial expenses

-13

-6

-51%

-78

-25

-68%

132%

        In which, interest expense

-9

-4

-53%

-57

-21

-64%

110%

PBT

219

206

-6%

644

722

12%

91%

     Income tax expense

-11

-21

86%

-33

-73

123%

92%

Reported NPAT

208

185

-11%

612

650

6%

91%

Source: QTP, Vietcap

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