NT2 [BUY +25.6%] - Removal of take-or-pay gas price benefits NT2 - Update
  • 23 Apr 2019
  • Company Research
We maintain a BUY rating, but trim our target price from VND31,500/share to VND30,900/share mainly due to our lower 2019 adjusted earnings forecast on a slightly lower competitive generation market price (CGM price). We project 2019 adjusted earnings to r