We attended POW’s AGM on April 19, 2019, in Hanoi. POW sets a conservative 2019 guidance with 2019 sales volume of 21.6 billion kWh (+3.2% YoY) and 2019 reported consolidated NPAT before MI of VND2.3tn (USD98.5mn, flat YoY).
- The company guides a prelim Q1 2019 reported PBT of VND860bn (USD37.2mn, flat YoY). POW’s management commits to minimum earnings of VND300bn (USD13.0mn) for the Vung Ang plant in 2019, while we currently forecast 2019F reported earnings of VND374bn (USD16.2mn)