31
July
GEG-Earnings Review-[BUY]-Pressure from interest expenses
NPAT recorded a significant decline -81.1%yoy. The largest effect comes from the surge of interest expenses, which is VND206bn, +47.9%yoy right after Tan Thuan Phong 1 wind power plant started operating and stop capitalizing interest expenses. In addition to we forecast that interest expenses will remain high in 2H23. We still keep a BUY recommendation for GEG with target price 19,700 VND per share, upside 27.5% compared to market price on 30 July 2023.