POW released 2018 results in which revenue grew 9.7% YoY to VND32.7tn (USD1.4bn) thanks to 1.6% sales volume growth and higher gas prices. However, reported and adjusted NPAT declined 25.3% YoY and 22.6% YoY, respectively, due to a technical issue with gas supply in Q2 2018, a technical shut down of Vung Ang plant in Q4 2018, no contribution from non-mobilized contracted volume and lack of water at Dak Drinh hydropower plants. We assume that 2018 adjusted NPAT accounted for only 90%