Reported Earnings • Apr 24
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₫1.80t (up 17% from 1Q 2025). Net income: ₫95.7b (up 83% from 1Q 2025). Profit margin: 5.3% (up from 3.4% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Electric Utilities industry in Asia. Announcement • Mar 24
Pha Lai Thermal Power Joint Stock Company, Annual General Meeting, May 22, 2026 Pha Lai Thermal Power Joint Stock Company, Annual General Meeting, May 22, 2026, at 08:30 SE Asia Standard Time. Location: main hall, head office of pha lai thermal power, jsc,km28 national highway 18 chi linh ward, hai phong city Vietnam Price Target Changed • Mar 15
Price target decreased by 7.9% to ₫11,000 Down from ₫11,950, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ₫10,650. Stock is down 7.8% over the past year. The company is forecast to post earnings per share of ₫1,010 for next year compared to ₫530 last year. New Risk • Jan 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.6% Last year net profit margin: 5.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.6% net profit margin). Major Estimate Revision • Dec 12
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₫6.99t to ₫6.47t. EPS estimate also fell from ₫1,063 per share to ₫775 per share. Net income forecast to grow 42% next year vs 8.6% growth forecast for Electric Utilities industry in Vietnam. Consensus price target down from ₫11,950 to ₫11,250. Share price was steady at ₫9,900 over the past week. New Risk • Dec 11
New major risk - Revenue and earnings growth Earnings have declined by 25% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 25% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (171% cash payout ratio). Price Target Changed • Nov 22
Price target decreased by 12% to ₫11,950 Down from ₫13,533, the current price target is an average from 2 analysts. New target price is 20% above last closing price of ₫10,000. Stock is down 9.5% over the past year. The company is forecast to post earnings per share of ₫1,063 for next year compared to ₫1,332 last year. Upcoming Dividend • Nov 11
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 18 November 2025. Payment date: 19 December 2025. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 6.7%. Lower than top quartile of Vietnamese dividend payers (7.5%). Lower than average of industry peers (9.5%). Reported Earnings • Oct 22
Third quarter 2025 earnings released: ₫44.56 loss per share (vs ₫16.56 loss in 3Q 2024) Third quarter 2025 results: ₫44.56 loss per share (further deteriorated from ₫16.56 loss in 3Q 2024). Revenue: ₫1.50t (up 2.1% from 3Q 2024). Net loss: ₫14.3b (loss widened 169% from 3Q 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Electric Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 12% per year. Declared Dividend • Oct 19
First half dividend of ₫500 announced Shareholders will receive a dividend of ₫500. Ex-date: 18th November 2025 Payment date: 19th December 2025 Dividend yield will be 6.8%, which is lower than the industry average of 8.7%. Sustainability & Growth Dividend is not covered by earnings (254% earnings payout ratio) nor is it covered by cash flows (198% cash payout ratio). The dividend has increased by an average of 5.4% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 182% to bring the payout ratio under control. EPS is expected to grow by 135% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Price Target Changed • Jun 03
Price target decreased by 7.6% to ₫13,300 Down from ₫14,400, the current price target is an average from 3 analysts. New target price is 9.9% above last closing price of ₫12,100. Stock is down 26% over the past year. The company is forecast to post earnings per share of ₫1,399 for next year compared to ₫1,332 last year. Major Estimate Revision • May 28
Consensus revenue estimates decrease by 36%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ₫10t to ₫6.41t. EPS estimate increased from ₫780 to ₫1,399 per share. Net income forecast to grow 85% next year vs 7.0% growth forecast for Electric Utilities industry in Vietnam. Consensus price target of ₫13,533 unchanged from last update. Share price was steady at ₫11,900 over the past week. New Risk • Apr 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.5% Last year net profit margin: 6.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 254% Cash payout ratio: 108% Minor Risk Profit margins are more than 30% lower than last year (4.5% net profit margin). Reported Earnings • Apr 20
First quarter 2025 earnings released: EPS: ₫163 (vs ₫491 in 1Q 2024) First quarter 2025 results: EPS: ₫163 (down from ₫491 in 1Q 2024). Revenue: ₫1.54t (down 23% from 1Q 2024). Net income: ₫52.3b (down 67% from 1Q 2024). Profit margin: 3.4% (down from 7.9% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Electric Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Mar 11
Pha Lai Thermal Power Joint Stock Company, Annual General Meeting, Apr 29, 2025 Pha Lai Thermal Power Joint Stock Company, Annual General Meeting, Apr 29, 2025, at 08:30 SE Asia Standard Time. Location: km 28, highway 18, pha lai ward, chi linh city, hai duong province., Vietnam Price Target Changed • Mar 05
Price target decreased by 15% to ₫12,300 Down from ₫14,400, the current price target is an average from 2 analysts. New target price is 6.5% above last closing price of ₫11,550. Stock is down 16% over the past year. The company is forecast to post earnings per share of ₫1,268 for next year compared to ₫1,186 last year. Declared Dividend • Dec 07
Dividend of ₫200 announced Shareholders will receive a dividend of ₫200. Ex-date: 24th December 2024 Payment date: 19th February 2025 Dividend yield will be 24%, which is higher than the industry average of 8.7%. Sustainability & Growth Dividend is not covered by earnings (235% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 161% to bring the payout ratio under control. EPS is expected to grow by 120% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Nov 29
Pha Lai Thermal Power Joint Stock Company Approves First Cash Dividend for 2024, Payable on February 19, 2025 Pha Lai Thermal Power Joint Stock Company announced the Board resolution. Accordingly, the board of directors approved the plan to pay the first cash dividend for 2024 as follows: Record date is December 25, 2024; Exercise ratio is 2%/share (VND 200 /share); Payment date is February 19, 2025. Price Target Changed • Nov 01
Price target decreased by 11% to ₫14,400 Down from ₫16,100, the current price target is an average from 2 analysts. New target price is 17% above last closing price of ₫12,300. Stock is down 4.3% over the past year. The company is forecast to post earnings per share of ₫966 for next year compared to ₫1,186 last year. Major Estimate Revision • Nov 01
Consensus EPS estimates fall by 53% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₫7.22t to ₫7.05t. EPS estimate also fell from ₫2,069 per share to ₫966 per share. Net income forecast to grow 68% next year vs 6.5% growth forecast for Electric Utilities industry in Vietnam. Consensus price target down from ₫16,100 to ₫14,400. Share price was steady at ₫12,300 over the past week. Upcoming Dividend • Oct 29
Upcoming dividend of ₫625 per share Eligible shareholders must have bought the stock before 05 November 2024. Payment date: 06 December 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 20%. Within top quartile of Vietnamese dividend payers (8.3%). Higher than average of industry peers (11%). Reported Earnings • Oct 20
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₫1.47t (up 9.6% from 3Q 2023). Net loss: ₫5.31b (down 106% from profit in 3Q 2023). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Electric Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Oct 12
Pha Lai Thermal Power Joint Stock Company Approves Cash Dividend Payment in 2023, Payable on December 06, 2024 On October 07, 2024, the BOD of Pha Lai Thermal Power Joint Stock Company approved the record date for the cash dividend payment in 2023 as follows: Record date: November 06, 2024. Time: December 06, 2024. Exercise ratio: 6.25%/share (VND 625/share). Reported Earnings • Jul 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₫2.47t (up 77% from 2Q 2023). Net income: ₫93.8b (down 42% from 2Q 2023). Profit margin: 3.8% (down from 12% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Electric Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫15,500, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Electric Utilities industry in Asia. Total loss to shareholders of 16% over the past three years. Reported Earnings • Apr 20
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₫2.00t (up 52% from 1Q 2023). Net income: ₫157.4b (up 295% from 1Q 2023). Profit margin: 7.9% (up from 3.0% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Electric Utilities industry in Asia. Announcement • Mar 10
Pha Lai Thermal Power Joint Stock Company, Annual General Meeting, Apr 25, 2024 Pha Lai Thermal Power Joint Stock Company, Annual General Meeting, Apr 25, 2024, at 01:30 Coordinated Universal Time. Location: Km 28, National route 18, Pha Lai ward, Chi Linh city, Hai Duong province. Chi Linh Vietnam Reported Earnings • Jan 23
Full year 2023 earnings released: EPS: ₫1,358 (vs ₫1,551 in FY 2022) Full year 2023 results: EPS: ₫1,358 (down from ₫1,551 in FY 2022). Revenue: ₫5.81t (up 10% from FY 2022). Net income: ₫435.4b (down 12% from FY 2022). Profit margin: 7.5% (down from 9.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Electric Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 21% per year. Upcoming Dividend • Jan 12
Upcoming dividend of ₫1,875 per share at 3.5% yield Eligible shareholders must have bought the stock before 19 January 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Vietnamese dividend payers (8.8%). Lower than average of industry peers (8.4%). Announcement • Jan 12
Pha Lai Thermal Power Joint Stock Company Approves to Pay Cash Dividend for the Second Phase of 2023, Payable on June 28, 2024 Pha Lai Thermal Power Joint Stock Company approved to pay for the second phase of 2023 dividend in cash: Record date: January 22, 2024; Payment date: June 28, 2024; Dividend pay-out ratio: 18.75%/par value (VND1,875/share). Upcoming Dividend • Dec 19
Upcoming dividend of ₫275 per share at 5.5% yield Eligible shareholders must have bought the stock before 26 December 2023. Payment date: 04 March 2024. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of Vietnamese dividend payers (9.0%). Lower than average of industry peers (8.4%). Announcement • Dec 12
Pha Lai Thermal Power Joint Stock Company Announces 1st Cash Dividend for 2023, Payable on March 4, 2024 On December 12, 2023 HOSE announces the record date of Pha Lai Thermal Power Joint Stock Company as follows: Record date: December 27, 2023; Reason & purpose: to pay 1st cash dividend for 2023; Exercise ratio: 2.8% (275 dongs/share); Payment date: March 4, 2024. Price Target Changed • Oct 27
Price target decreased by 7.5% to ₫15,350 Down from ₫16,600, the current price target is an average from 2 analysts. New target price is 23% above last closing price of ₫12,450. Stock is down 19% over the past year. The company is forecast to post earnings per share of ₫1,116 for next year compared to ₫1,551 last year. Buying Opportunity • Oct 26
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be ₫16,235, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 31%. Revenue is forecast to grow by 23% in 2 years. Earnings is forecast to grow by 63% in the next 2 years. Reported Earnings • Oct 20
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₫1.34t (up 14% from 3Q 2022). Net income: ₫84.1b (down 46% from 3Q 2022). Profit margin: 6.3% (down from 13% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Electric Utilities industry in Asia. Announcement • Sep 29
Pha Lai Thermal Power Joint Stock Company Approves Plan to Pay for Remaining Cash Dividend, Payment Time October 27, 2023 Pha Lai Thermal Power Joint Stock Company approved the plan to pay for remaining cash dividend payment as follows: Record date: October 18, 2023, Exercise ratio: 4%/share (400 dongs/share) and Payment time: October 27, 2023. Reported Earnings • Jul 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₫1.40t (up 8.9% from 2Q 2022). Net income: ₫167.4b (up 146% from 2Q 2022). Profit margin: 12% (up from 5.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Electric Utilities industry in Asia. Upcoming Dividend • Jul 07
Upcoming dividend of ₫400 per share at 11% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 28 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 11%. Within top quartile of Vietnamese dividend payers (8.5%). Higher than average of industry peers (4.1%). Upcoming Dividend • Jun 29
Upcoming dividend of ₫400 per share at 11% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 20 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 11%. Within top quartile of Vietnamese dividend payers (8.2%). Higher than average of industry peers (4.1%). Announcement • Jun 24
Pha Lai Thermal Power Joint Stock Company Announces First Cash Dividend for 2022, Payable on 20 July, 2023 The board of Pha Lai Thermal Power Joint Stock Company approved first cash dividend for 2022. Exercise ratio: 4%/par value (VND 400 per share), Payment date: 20 July, 2023, Record date: July 7, 2023. Price Target Changed • Jun 23
Price target increased by 11% to ₫16,000 Up from ₫14,450, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₫16,300. Stock is down 7.4% over the past year. The company is forecast to post earnings per share of ₫1,264 for next year compared to ₫1,551 last year. Announcement • Jun 16
Pha Lai Thermal Power Joint Stock Company Announces Resignation of Mr. Vu Xuan Dung as Deputy CEO Pha Lai Thermal Power Joint Stock Company announced resignation of Mr. Vu Xuan Dung as Deputy CEO, effective from June 15, 2023. Reported Earnings • Apr 20
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₫1.31t (up 22% from 1Q 2022). Net income: ₫39.9b (down 50% from 1Q 2022). Profit margin: 3.0% (down from 7.5% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Electric Utilities industry in Asia. Major Estimate Revision • Apr 01
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₫7.82t to ₫6.79t. EPS estimate fell from ₫1,450 to ₫1,252 per share. Net income forecast to grow 20% next year vs 9.3% growth forecast for Electric Utilities industry in Vietnam. Consensus price target down from ₫15,500 to ₫14,450. Share price rose 2.2% to ₫14,050 over the past week. Price Target Changed • Mar 04
Price target decreased by 25% to ₫15,500 Down from ₫20,550, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₫15,450. Stock is down 31% over the past year. The company is forecast to post earnings per share of ₫1,450 for next year compared to ₫1,162 last year. Reported Earnings • Jan 23
Full year 2022 earnings released: EPS: ₫1,162 (vs ₫674 in FY 2021) Full year 2022 results: EPS: ₫1,162 (up from ₫674 in FY 2021). Revenue: ₫5.12t (up 32% from FY 2021). Net income: ₫372.7b (up 72% from FY 2021). Profit margin: 7.3% (up from 5.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Electric Utilities industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Nov 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ₫5.73t to ₫5.38t. EPS estimate rose from ₫917 to ₫1,028. Net income forecast to grow 113% next year vs 8.5% growth forecast for Electric Utilities industry in Vietnam. Consensus price target down from ₫20,550 to ₫19,600. Share price rose 8.6% to ₫13,300 over the past week. Announcement • Nov 25
Pha Lai Thermal Power Joint Stock Company Appoints Dang Kien Quyet as Deputy CEO, Effective December 1, 2022 Pha Lai Thermal Power Joint Stock Company announced appointment of Mr. Dang Kien Quyet as Deputy CEO. Term: 5 years; Effective date: December 1, 2022. Price Target Changed • Nov 16
Price target decreased to ₫20,550 Down from ₫22,700, the current price target is an average from 2 analysts. New target price is 75% above last closing price of ₫11,750. Stock is down 50% over the past year. The company is forecast to post earnings per share of ₫917 for next year compared to ₫674 last year. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Member of Supervisory Board Luan Luong was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ₫18,412, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 29% over the last 3 years. Earnings per share has declined by 79%. Revenue is forecast to grow by 119% in 2 years. Earnings is forecast to grow by 184% in the next 2 years. Reported Earnings • Oct 22
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₫1.17t (up 12% from 3Q 2021). Net income: ₫155.1b (up ₫190.5b from 3Q 2021). Profit margin: 13% (up from net loss in 3Q 2021). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Electric Utilities industry in Asia. Buying Opportunity • Sep 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.0%. The fair value is estimated to be ₫22,462, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 24% over the last 3 years. Earnings per share has declined by 53%. Revenue is forecast to grow by 112% in 2 years. Earnings is forecast to grow by 651% in the next 2 years. Announcement • Sep 07
Pha Lai Thermal Power Joint Stock Company Announces Change of Personnel Pha Lai Thermal Power Joint Stock Company announced personnel change as follows: Ms. Dinh Thi Diem Quynh was appointed as the authorized information disclosure staff, right Chief Accountant as from September 01, 2022. Chief Accountant, Le The Son retires as from September 01, 2022. Price Target Changed • Aug 27
Price target decreased to ₫20,550 Down from ₫22,700, the current price target is an average from 2 analysts. New target price is 15% above last closing price of ₫17,850. Stock is down 26% over the past year. The company is forecast to post earnings per share of ₫917 for next year compared to ₫674 last year. Major Estimate Revision • Aug 26
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ₫999 to ₫1,114. Revenue forecast unchanged at ₫5.82t. Net income forecast to grow 435% next year vs 16% growth forecast for Electric Utilities industry in Vietnam. Consensus price target down from ₫22,700 to ₫22,233. Share price was steady at ₫17,750 over the past week. Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₫6.10t to ₫5.82t. EPS estimate also fell from ₫1,347 per share to ₫999 per share. Net income forecast to grow 449% next year vs 12% growth forecast for Electric Utilities industry in Vietnam. Consensus price target up from ₫21,533 to ₫22,700. Share price was steady at ₫17,800 over the past week. Major Estimate Revision • Jul 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ₫1,070 to ₫1,347. Revenue forecast steady at ₫6.10t. Net income forecast to grow 486% next year vs 29% growth forecast for Electric Utilities industry in Vietnam. Consensus price target of ₫21,533 unchanged from last update. Share price was steady at ₫17,450 over the past week. Reported Earnings • Jul 20
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫1.29t (up 5.8% from 2Q 2021). Net income: ₫74.8b (down 38% from 2Q 2021). Profit margin: 5.8% (down from 9.9% in 2Q 2021). Over the next year, revenue is forecast to grow 79%, compared to a 6.0% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Jul 13
Pha Lai Thermal Power Joint Stock Company Announces Cash Dividend of 2021, Payable on August 17, 2022 Pha Lai Thermal Power Joint Stock Company announced Exercise ratio: 4.5%/par value (450 dongs/share), Payment date: August 17, 2022, Par value: VND 10,000 and Record date: July 18, 2022. Upcoming Dividend • Jul 08
Upcoming dividend of ₫450 per share Eligible shareholders must have bought the stock before 15 July 2022. Payment date: 17 August 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 27%. Within top quartile of Vietnamese dividend payers (8.2%). Higher than average of industry peers (16%). Buying Opportunity • Jun 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ₫21,883, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 37%. Revenue is forecast to grow by 112% in 2 years. Earnings is forecast to grow by 473% in the next 2 years. Announcement • Jun 29
Pha Lai Thermal Power Joint Stock Company Announces CEO Changes, Effective from July 1, 2022 On June 24, 2022, Pha Lai Thermal Power Joint Stock Company announces the change in personnel as: The appointment of Mr. Nguyen Hoang Hai as Acting Chief Executive Officer of the Company from July 1, 2022. The resignation of Mr. Vu Xuan Dung as Chief Executive Officer cum Legal Representative of the Company from July 1, 2022. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Head of the Supervisory Board Nguyen Ngo was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 19
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: ₫1.08t (flat on 1Q 2021). Net income: ₫80.4b (down 42% from 1Q 2021). Profit margin: 7.5% (down from 13% in 1Q 2021). Revenue missed analyst estimates by 8.6%. Over the next year, revenue is forecast to grow 70%, compared to a 3.6% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Apr 13
Pha Lai Thermal Power Joint Stock Company, Annual General Meeting, May 26, 2022 Pha Lai Thermal Power Joint Stock Company, Annual General Meeting, May 26, 2022. Location: Km 28, highway 18, Pha Lai Ward, Chi Linh Hai Duong Vietnam Major Estimate Revision • Mar 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₫1,418 to ₫1,141 per share. Revenue forecast steady at ₫6.05t. Net income forecast to grow 62% next year vs 17% growth forecast for Electric Utilities industry in Vietnam. Consensus price target of ₫23,800 unchanged from last update. Share price was steady at ₫21,950 over the past week. Major Estimate Revision • Jan 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ₫7.11t to ₫6.01t. EPS estimate unchanged from ₫1,510 per share at last update. Electric Utilities industry in Vietnam expected to see average net income growth of 10% next year. Consensus price target up from ₫22,833 to ₫23,400. Share price was steady at ₫22,600 over the past week. Reported Earnings • Jan 23
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ₫896 (down from ₫3,153 in FY 2020). Revenue: ₫3.88t (down 51% from FY 2020). Net income: ₫287.3b (down 72% from FY 2020). Profit margin: 7.4% (down from 13% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 83%, compared to a 3.5% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Oct 15
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ₫1.05t (down 33% from 3Q 2020). Net loss: ₫35.4b (down 139% from profit in 3Q 2020). Executive Departure • Oct 12
Head of Board of Supervisors Nguyen Huy has left the company On the 1st of October, Nguyen Huy's tenure as Head of Board of Supervisors ended after 5.4 years in the role. We don't have any record of a personal shareholding under Nguyen's name. Nguyen is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 4.00 years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 15% share price gain to ₫26,000, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Electric Utilities industry in Asia. Total returns to shareholders of 116% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫20,840 per share. Price Target Changed • Aug 10
Price target decreased to ₫23,067 Down from ₫26,300, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₫23,200. Stock is up 0.4% over the past year. Major Estimate Revision • Aug 06
Consensus EPS estimates fall to ₫1,551 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ₫5.22t to ₫4.76t. EPS estimate also fell from ₫2,625 to ₫1,551. Net income forecast to shrink 25% next year vs 13% growth forecast for Electric Utilities industry in Vietnam . Consensus price target down from ₫26,300 to ₫24,533. Share price rose 2.2% to ₫22,800 over the past week. Price Target Changed • Aug 05
Price target decreased to ₫24,533 Down from ₫27,533, the current price target is an average from 3 analysts. New target price is 6.9% above last closing price of ₫22,950. Stock is down 2.3% over the past year. Reported Earnings • Jul 14
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫1.22t (down 46% from 2Q 2020). Net income: ₫120.2b (down 57% from 2Q 2020). Profit margin: 9.9% (down from 12% in 2Q 2020). The decrease in margin was driven by lower revenue. Major Estimate Revision • Jul 10
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from ₫7.10t to ₫6.28t. EPS estimate increased from ₫2,362 to ₫2,625 per share. Net income forecast to shrink 28% next year vs 13% growth forecast for Electric Utilities industry in Vietnam . Consensus price target of ₫27,533 unchanged from last update. Share price fell 3.3% to ₫24,750 over the past week. Upcoming Dividend • Jul 08
Upcoming dividend of ₫1,250 per share Eligible shareholders must have bought the stock before 15 July 2021. Payment date: 04 August 2021. Trailing yield: 19%. Within top quartile of Vietnamese dividend payers (7.6%). Higher than average of industry peers (15%). Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫23,250, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Electric Utilities industry in Asia. Total returns to shareholders of 88% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫23,725 per share. Upcoming Dividend • May 10
Upcoming dividend of ₫1,894 per share Eligible shareholders must have bought the stock before 17 May 2021. Payment date: 03 June 2021. Trailing yield: 5.0%. Lower than top quartile of Vietnamese dividend payers (7.5%). Lower than average of industry peers (7.8%). Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 19% share price gain to ₫29,100, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Electric Utilities industry in Asia. Total returns to shareholders of 101% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫17,116 per share. Price Target Changed • Mar 18
Price target increased to ₫27,775 Up from ₫25,733, the current price target is an average from 3 analysts. New target price is 7.4% above last closing price of ₫25,850. Stock is up 13% over the past year. Reported Earnings • Mar 01
Full year 2020 earnings released: EPS ₫3,153 (vs ₫3,933 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫7.93t (down 3.1% from FY 2019). Net income: ₫1.01t (down 20% from FY 2019). Profit margin: 13% (down from 15% in FY 2019). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 01
New 90-day high: ₫28,600 The company is up 18% from its price of ₫24,250 on 01 December 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫17,116 per share. Is New 90 Day High Low • Jan 08
New 90-day high: ₫25,600 The company is up 7.0% from its price of ₫24,000 on 09 October 2020. The Vietnamese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫28,613 per share. Is New 90 Day High Low • Dec 22
New 90-day high: ₫24,850 The company is up 4.0% from its price of ₫23,900 on 23 September 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electric Utilities industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫30,923 per share. Is New 90 Day High Low • Dec 03
New 90-day high: ₫24,550 The company is up 4.0% from its price of ₫23,500 on 04 September 2020. The Vietnamese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electric Utilities industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫25,326 per share. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫989.8b, down 3.2% from the prior year. Total revenue was ₫8.33t over the last 12 months, up 7.5% from the prior year. 
