GEG [OUTPERFORM +11.2%] - Green energy player pursuing high growth strategy

- We initiate coverage on GEG with an OUTPERFORM rating and TP of VND20,400/share (projected TSR of 11.2%). GEG is a pioneer in Vietnam’s green energy sector with a current portfolio of 316 MW (projected 446 MW by end-2021 and ~2,000 MW over the long term