- We raise our target price (TP) for POW by 2.4% to VND12,900/share and maintain our MARKET PERFORM rating.

- Our higher TP is due to a 2.5% increase in our aggregate 2025-2029F NPAT-MI forecast (respective changes of -38%/-9%/+12%/+13%/+13% for 2025/26/27/28/29F) (page 3).

- This change reflects: 1) 1% higher sector CGM prices on average in 2025-29F, 2) our higher national power demand growth projection of 10% p.a. in 2025-29F (vs 8.7% previously) due to the National Assembly’s upward revision in the GDP target (our assumption of 7.5% vs 6.3% previously). These factors together widen the price spread (between ASP and production cost per kWh) for POW’s thermal power plants, driving up our aggregate NPAT projections.

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