BVSC updates the new target price for POW to VND 13,900/share, down 1% from the most recent report, mainly due to the downward adjustment of the average electricity output forecast for many years due to less favorable fuel supply conditions than previously forecasted. However, we continue to recommend OUTPERFORM for POW as the stock price has adjusted sharply in recent months, with a potential upside of 23.0%. We favor POW as it is one of the leading power generation companies in Vietnam. From now until 2030, the demand for electricity consumption is forecasted to grow by 7-9%, and POW, as the 5th largest power generator in the country, along with upcoming projects like NT3, NT4, and further LNG Quang Ninh, will support the company's profits in the medium and long term.

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