NT2 – Upgrade to BUY: A safe haven in troubled times

20200729 NT2 updates- edited v2

We trim our target price by 13.7% to VND 25,181 per share, which implies just 4.8x 2021 EV/EBITDA. But we upgrade our rating to BUY (from the previous HOLD-Outperform) given NT2’s increasingly transparent outlook. The main risk to our recommendation is the stability of gas supply, which should be resolved in 2021 when the Sao Vang–Dai Nguyet gas field is operational.