Nhon Trach 2 Power Company (NT2) is a leading power company in Vietnam with a charter capital of over VND 2,878 billion. The company is the investor, owner, and operator of the Nhon Trach 2 Power Plant, a state-of-the-art combined-cycle gas turbine power plant.
The power plant utilizes advanced F-generation combined-cycle gas turbine technology with a 2-2-1 configuration, comprising two gas turbines, two heat recovery boilers, and one steam turbine, for a total capacity of 750 MW.
NT2’s business results for the first half of 2025 exceeded expectations, with a 43% year-on-year surge in revenue to VND 3,508 billion. After-tax profit skyrocketed by 910% to VND 363 billion, far surpassing the full-year plan. This exceptional performance is a testament to the company’s efficient contract structure, prudent financial policies, favorable electricity selling prices, and effective cost management.
A standout highlight from MAS’s analysis is NT2’s contracted electricity output (Qc) for the first half of 2025, which doubled year-on-year to 1.584 million kWh. Notably, the Qc execution rate for Q2 2025 reached an impressive 123%, indicating NT2’s continued high dispatch in the power market.
While total electricity output decreased by 24% compared to the previous year, the focus on contracted output—which benefits from higher and stable selling prices—has significantly enhanced NT2’s business performance and capitalized on the competitive electricity market.
In terms of financial structure, NT2 maintains a strong liquidity position. The report reveals that short-term financial investments (mainly deposits) amount to VND 3,433 billion, comfortably surpassing short-term borrowings of approximately VND 1,987 billion.
Financial income grew by 80% due to high deposit interest rates, while financial expenses remained manageable. As a result, NT2 recorded a 70% year-on-year increase in financial profit, amounting to VND 37 billion for the period. By Q2 2025, the fuel gas costs prepaid under the gas sales and purchase agreement with PV GAS were fully deducted.
According to MAS’s assessment, NT2 is poised to benefit from the potential transition of Phu My 2.2 and 3 thermal power plants to LNG usage after the expiration of their BOT contracts. Additionally, NT2 has planned for a minor overhaul in July 2025.
“We project NT2’s revenue and after-tax profit to reach VND 7,568 billion and VND 532 billion, respectively, representing increases of 27% and 542%. We also anticipate a dividend payout of VND 1,000 per share (a yield of 5%)”, MAS’s report emphasized.
With impressive business results in the first half of the year, MAS has upgraded its recommendation for NT2 to “Overweight,” setting a target price of VND 23,300 per share, implying a potential upside of 13% from the current market price (around VND 20,600 per share).
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