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UIC·Warren Buffet play on energy
UDICO’s 2024 performance marked a solid operational year, underscored by a 21% YoY revenue gain to VND 2,975 bn and a 19% profit lift to VND 72.9 bn, driven by surging electricity demand from industrial parks and the commissioning of the Hựu Thạnh 110/22 kV substation. The company’s growth strategy centers on expanding grid capacity and reliability (SAIDI down 85%) while digitalizing operations. Yet leverage has risen sharply—debt up >150%—to fund capital-intensive projects, keeping liquidity tight. With 98% of revenue from power sales, concentration and regulatory-tariff risk remain high. 2025 targets are modest: revenue VND 3.2 trn, PBT VND 75 bn. Execution of new phases at Hựu Thạnh and securing Tân Phước 1 will define next-stage growth. Overall, UDICO shows disciplined expansion and operational improvement, but its narrow base and rising leverage argue for a neutral, wait-and-see stance.[img]https://staticm.fastcomments.com/1761295509597-1000x1000-_-_visual_selection.png[/img]
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