Some stocks to watch on September 30

► Stock market commentary September 30: The market may experience a correction

Buy recommendation for NT2 stock

According to KB Securities Vietnam (KBSV), Nhon Trach 2 Petroleum Power Joint Stock Company's (NT2) net revenue in the second quarter of 2024 reached VND 2,186 billion (up 0.2% year-on-year) and after-tax profit was VND 122 billion, down 15% year-on-year at VND 144 billion. In the second quarter of 2024, commercial electricity output reached 1,026 million kWh (down 3%). QC output reached 884 million kWh, accounting for about 86% of NT2's commercial electricity output. Business results increased slightly compared to the previous period mainly due to higher electricity prices, helping to offset the decrease in electricity output.

In the second quarter of 2024, NT2's electricity output mobilized by EVN was higher than in the first quarter of 2024, reaching 884 million kWh (an increase of 629% compared to the previous quarter) in the context of strong increase in electricity consumption demand in the second quarter and coal-fired power being forced to reduce generation capacity after a long period of operating at high capacity. NT2's generators have also just gone through the overhaul phase, supporting the efficient operation of the plant.

Currently, NT2 and Phu My 1 are the two projects that still have domestic gas purchase contracts with PVGAS and are given priority in allocating cheap domestic gas sources, while the remaining projects with expired gas purchase contracts are forced to use blended/full LNG gas sources. NT2's electricity output will therefore be prioritized for mobilization due to its cheaper cost compared to plants using gross profit as input.

Based on FCFF and EV/EBITDA valuations, business prospects, and consideration of potential risks, KBSV recommends neutral for NT2 shares. The target price is VND21,000/share, 6.1% higher than the price on September 27.

Neutral recommendation for NAB stock

Vietcombank Securities Company (VCBS) recommends neutral for investment opportunities in NAB shares of Nam A Commercial Joint Stock Bank with a target price of VND 17,208/share.

Investment thesis: Credit growth is higher than the industry average: As of the end of August, the bank's credit growth was at 14%. VCBS expects NAB to soon be granted additional credit lines and can achieve a credit growth rate of 18% for 2024, with the impetus coming from the corporate customer group.

Some stocks to watch on September 30 (Illustration: KT)

NIM flat: With deposit interest rates starting to rebound from May 2024, funding costs are expected to adjust slightly upward in the coming quarters. In addition, net interest margin NIM is gradually improving as the bank has completed the disposal of most of its legacy assets and the rate of earning assets has increased rapidly in recent years.

Provisioning pressure significantly reduced: After fully paying off VAMC bonds in 2023, provisioning pressure from 2024 onwards will be significantly reduced, helping banks' profits grow strongly.

Capital increase plan: NAB's foreign room is still quite low and the bank is also aiming to attract foreign investors, and is expected to launch a plan to find strategic shareholders in 2025.

Source: https://vov.vn/thi-truong/chung-khoan/mot-so-co-phieu-can-quan-tam-ngay-309-post1124924.vov