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QTP reported its Q1/2026, with VND2,734 bn in revenue, -4% YoY, VND197 bn in NPAT, +14% YoY. On Apr 22nd, 2026, QTP successfully held its AGM and approved a revised 2026 plan, which is lower than the company’s initial target. Management expects to sacrifice short-term profitability by suspending operations at all 4 generators during Nov and Dec 2026 in order to prioritize the implementation of the flue gas treatment system renovation and upgrade project. Under the revised plan, revenue is projected at VND9,576 bn, -11% YoY, and VND321 bn in NPAT, -69% YoY. Accordingly, Q1/2026 results fulfilled 61% of the company’s revised 2026 target and 54% of our forecast. We give a target price of VND 14,000/share for QTP, implying an expected total return of 18.6%, rating OUTPERFORM.
By Q1/2026, QTP recorded more than 1.7 bn kWh in output, -4% YoY, while the average selling price declined by 2% YoY to VND1,585/kWh. As a result, revenue reached VND2,734 bn, -6% YoY. However, fuel input costs declined by more than 8% YoY despite the sharp increase in global coal prices driven by the conflict in Iran. This was mainly attributable to government regulation, potentially reflecting a higher blending ratio of domestic coal. Consequently, gross profit rose to VND252 bn, +5% YoY, with the gross profit margin improving to 9% from 8% in Q1/2025. NPAT reached VND197 bn, +14% YoY, supported by the company’s full repayment of outstanding debt, while financial income surged 325% YoY to VND17 bn.
Under the new plan, the dividend policy for 2026 is VND700/share. The 2025 dividiend is VND1.000/share, and was fully completed in Q1/2026.
Capital expenditure for the flue gas treatment system project has been revised up to VND3,700 bn from VND3,200 bn, primarily due to exchange rate, as the majority of equipment is imported and the cost will be reimbursed through PPA with EVN, but the specific terms and conditions has yet to be finalized.
Based on the latest updates in AGM, we forecast 2026 QTP’s NPAT at VND367 bn, -25% from previous. Accordingly, we give a target price at VND14,000/share, implying an expected total return of 18.6%, rating OUTPERFROM.
