POW: Hope for the best and prepare for the worst

We reiterate BUY but trim our target price by 24.7% to VND 13,137 per share, which implies just 6.2x 2021 EV/EBITDA. The main risks are the PPA renegotiation and gas supply stability, which should be resolved in 2021 when the Sao Vang–Dai Nguyet gas field is operational.

20200914 POW updates- edited v4

Analyst: Binh Truong