1. Vietnam Stocks

  2. •

    Utilities

  3. •

    Electric utilities
Pha Lai Thermal Power Joint Stock Company

Pha Lai Thermal Power Joint Stock Company

HHOSE:PPC
8,810.00
VND
+120.00
(+1.38%)
3.07TMarket Cap
Dec 02Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
20,708.6
23,516.69
24,091.9
18,787.63
19,566.92
22,197.57
25,522.75
24,731.94
12,064.92
16,423.54
18,133.26
23,957.43
20,478.85
- -
Basic EPS, GAAP
5,121.82
3,283.64
1,762.2
1,724.22
2,679.63
3,500.96
3,932.68
3,153.45
674.29
1,520.37
1,185.55
1,332.03
529.79
- -
Free Cash Flow per Basic Share
2,903.65
358.22
5,598.25
-1,057.33
-1,264.01
2,217.86
724.55
2,662.97
1,605.15
-3,595.21
-983.21
1,521.15
935.75
- -
Dividend per Share
1,008.76
1,510.87
2,010.54
2,510.21
3,201.81
2,798.25
1,981.55
1,899.47
5,708.04
449.81
800.89
2,772.17
199.59
-0.29
Book Value per Share
16,543.6
17,835.21
17,915.11
16,204.38
17,082.72
17,622.38
18,604.49
20,223.52
15,140.52
15,646.45
15,628.86
14,111.5
13,945.34
14,367.31
Tangible Book Value per Share
16,496.76
17,805.03
17,900.25
16,202.91
17,082.29
17,622.38
18,604.11
20,221.7
15,138.06
15,641.12
15,625.79
14,110.67
13,942.25
14,364.79
Basic Weighted Avg Shares
318
318
318
318
319
321
321
321
321
321
321
321
321
321
Sales/Revenue/Turnover
6,588,538
7,481,943
7,664,948
5,977,373
6,235,982
7,116,832
8,182,925
7,929,383
3,868,170
5,265,602
5,813,760
7,681,064
6,565,788
- -
Operating Margin (%)
14.07
5.22
11.22
8.08
12.86
17.39
15.1
11.66
-7.66
4.81
-1.38
1.14
2.37
- -
Depreciation Expense
694,431
700,606
458,197
72,122
37,038
33,952
35,454
37,531
58,579
61,538
61,057
57,802
46,164
- -
Net Income, GAAP
1,629,531
1,044,705
560,651
548,570
853,998
1,122,452
1,260,867
1,011,036
216,188
487,451
380,102
427,066
169,858
- -
Effective Tax Rate (%)
27.16
19.01
6.41
10.01
14.87
20.27
17.56
16.49
- -
10.8
0.6
2.53
15.47
- -
Profit Margin (%)
24.73
13.96
7.31
9.18
13.69
15.77
15.41
12.75
5.59
9.26
6.54
5.56
2.59
- -
Working Capital
5,841,628
5,954,363
4,653,577
4,615,902
2,020,614
2,601,289
2,917,366
3,509,633
1,894,778
2,124,624
2,162,135
1,721,136
1,714,804
1,881,333
LT Debt
5,004,180
4,082,512
4,011,287
3,825,465
506,525
- -
- -
- -
- -
- -
- -
- -
- -
- -
Total Equity
5,435,624
5,715,962
5,738,946
5,193,783
5,476,944
5,649,965
5,964,841
6,483,924
4,854,249
5,016,455
5,010,818
4,524,332
4,471,059
4,606,348
Return on Invested Capital (%)
15.07
9.85
5.36
5.67
10.69
17.77
20.23
15.84
- -
9.86
7.62
8.39
3.74
- -
Return on Capital (%)
15.8
10.96
6.61
6.72
11.57
18.12
20.71
16.12
- -
9.88
7.59
8.97
3.78
- -
Return on Common Equity (%)
34.11
18.87
9.86
10.11
16.06
20.18
21.71
16.24
3.81
9.88
7.58
8.96
3.78
- -

Capital Structure

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
321
321
321
Market Capitalization
3,161,245
3,382,468
3,071,473

Working Capital

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
2,489,984
2,686,139
3,331,514
Cash, Cash Equivalents & STI
435,415
166,201
38,139
Accounts Receivable, Net
1,063,116
1,377,314
1,981,632
Inventories
706,591
846,556
986,288
Total Current Liabilities
775,180
865,810
1,450,182
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

VND

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-1.94%
-6.56%
-1.18%
Free Cash Flow
-90.5%
-145.91%
-38.48%
Net Income, GAAP
5.45%
-4.61%
-60.23%
Sales/Revenue/Turnover
2.12%
2.58%
-14.52%
Total Cash Common Dividend
34.7%
67.96%
-92.8%

Quarterly Revenue

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,996,078
2,469,237
1,465,473
1,750,277
7,681,064
2025
1,536,114
1,940,200
- -
1,592,737
6,565,788
2026
1,798,181
2,858,045
- -
- -
- -

Quarterly Earnings Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
490.91
292.67
-16.56
565.01
1,332.03
2025
163.21
19
- -
392.14
529.79
2026
298.59
219.17
- -
- -
- -

Quarterly Dividends Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
1,193.76
624.63
2,772.17
2025
199.88
- -
- -
-0.29
199.59
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
Full Time Employees
706
Sector
Utilities
Industry
Electric utilities
Address
Chi Linh Vietnam
IPO Date
Jan 26, 2007
Website
ppc.evn.vn
Similar Companies
Vistra Corp. (NYSE:VST)
Constellation Energy Corporation (NASDAQ:CEG)
NextEra Energy, Inc. (NYSE:NEE)
Adani Energy Solutions Ltd (NSE:ADANIENSOL)
NTPC Limited (NSE:NTPC)
Power Grid Corporation of India Limited (NSE:POWERGRID)
Business
Pha Lai Thermal Power Joint Stock Company is a Vietnam-based power generation utility primarily engaged in the generation, transmission, and wholesale distribution of electricity. Established in 1982 and headquartered in Chi Linh City, Hai Duong Province, Vietnam, the company operates as a core generation subsidiary of Power Generation Joint Stock Corporation 2 (EVNGENCO2) under the broader umbrella of state utility Vietnam Electricity (EVN). The company owns and operates the Pha Lai Thermal Power complex, which comprises two coal-fired generating facilities: Pha Lai 1, featuring four 110 MW generating units with a combined capacity of 440 MW; and Pha Lai 2, featuring two 300 MW generating units with a combined capacity of 600 MW, providing a total aggregate installed generation capacity of 1,040 MW to the Northern Vietnam regional transmission network and the National Power Grid. The company organizes its business operations across several core product and service lines: electricity generation and wholesale power trading; plant management, operation, maintenance, major overhaul, and refurbishment services for thermal power facilities, steam turbines, boilers, and auxiliary electrical systems; technical inspection, testing, calibration, and diagnostic services for high-voltage and electro-mechanical equipment; engineering, project supervision, and technical consultancy for thermal energy infrastructure; industrial water treatment, cooling system maintenance, and wastewater management services; and the collection, processing, and distribution of industrial combustion by-products, including pulverized fuel ash, bottom ash, and slag for use in cement production and unburnt building materials. Additionally, the company maintains strategic equity investments in major regional generation peers, including Hai Phong Thermal Power Joint Stock Company and Quang Ninh Thermal Power Joint Stock Company. In recent developments, Pha Lai Thermal Power Joint Stock Company has initiated significant strategic and operational adjustments in alignment with Vietnam's National Power Development Plan VIII (PDP8) and national decarbonization commitments. The company is actively conducting technical feasibility assessments and transition roadmaps for fuel-switching options, focusing on biomass and green ammonia co-firing, alongside long-term repurposing strategies for its older Pha Lai 1 generation units. To reinforce operational efficiency and satisfy upgraded environmental standards, the company has implemented extensive overhaul programs across its Pha Lai 2 turbine lines, while investing in modernized flue-gas desulfurization (FGD), electrostatic precipitator (ESP), and automated emission monitoring systems. The company is also navigating structural ownership evolutions linked to state capital divestment planning through the State Capital Investment Corporation (SCIC) and portfolio realignments by institutional investors shifting capital toward renewable energy assets.