Pha Lai Thermal Power JSC (PPC : HOSE)

Pha Lai Thermal Power Joint Stock Company (PPC) was formerly a factory in Chi Linh district, Hai Duong province of Electricity Number 1 Company in 1982. Until 1995, the factory was under control of EVN. During 2005, PPC was transformed into Pha Lai Thermal Power Joint Stock Company, becoming an independent company. One year later, PPC stocks were officially traded on the Ha Noi Stock Exchange. Since 2007, PPC stock has been approved for listing on the Hochiminh Stock Exchange. With a total capacity of 1,040 MW, PPC is one of the largest coal- fired power plants in Vietnam. To date, the company is still operating at its 95 to 100% of capacity, playing a vital role in ensuring the nation’s energy security.

PPC produces six billion kWh per year, equivalent to 5% of total national output. In comparison to production cost, PPC uses coal to produce electricity, which has a higher cost than a hydropower plant but is cheaper than a gas turbine power plant. As such, in the current context of power contribution to the national grid and production cost, PPC is relatively competitive to other power plants.

PPC has two associate companies – North Power Service and Hai Phong Thermal power.

Phao Son Hamlet, Pha Lai Town, Chi Linh District, Hai Duong Province
Phone: +84 (320) 388-1126
Fax: +84 (320) 388-1338

Web Address:

PPC21May08 : “New generators drive more momentum”, Aulac Securities, 21 May 2008.

PPC28Jul08 : “Lack of sparks”, Mekong Securities Initiate Coverage, 28 Jul 2008.

PPC15Sep08 : Company visit note, JP Morgan Securities, 15 Sep 2008.

PPC27Oct08 : “Too cheap to ignore, despite substantial concerns”, VinaSecurities, 27 Oct 2008.

PPC23Jan09 : Company visit note, Kim Eng Securities, 23 Jan 2009.

PPC4Aug09 : Company update, Habubank Securities, 4 Aug 2009.

PPC10Aug09 : Initiate Coverage, Horizon Securities, 10 Aug 2009.

PPC21Sep09 : Company update, Saigon Securities Inc., 21 Sep 2009.

PPC25Nov09 : “Cloudy earnings prospects”, Kim Eng Securities, 25 Nov 2009.

PPC28May10 : Q1 2010 Update, BaoViet Securities, 28 May 2010.

PPC13Jan11 : Initiate Coverage, ACB Securities, 13 Jan 2011.

PPC25Apr12 : “Fairly cheap but interesting only as a short term bet”, HCMC Securities, 25 Apr 2012.

PPC6Sep12 : “VND appreciation may boost profits”, VietCapital Securities, 6 Sep 2012.

PPC7Dec12 : “FY12 earnings expected to improve”, Kim Eng Securities, 7 Dec 2012.

PPC22Mar13 : “Earnings momentum improved in 2012″, Phu Hung Securities, 22 Mar 2013.

PPC22Apr13 : “2013 profit likely positive on Yen depreciation”, BaoViet Securities, 22 Apr 2013.

PPC17Jul13 : “Profit remains high as expected”, Saigon Securities, 17 Jul 2013.

PPC29Aug13 : “Declining risk over the long term”, Saigon Securities, 29 Aug 2013.

PPC18Sep13 : “PPC to increase stake in Hai Phong Thermal Power”, HCM Securities, 18 Sep 2013.

PPC2Oct13 : “Loss from exchange rate difference”, BaoViet Securities, 2 Oct 2013.

PPC28Oct13 : “Lower profit due to maintenance and FX loss”, Saigon Securities, 28 Oct 2013.

PPC24Nov13 : “FX loss in Q3 likely to be reversed in Q42013″, Saigon Securities, 24 Nov 2013.

PPC24Mar14 : “Favourable factors unlikely to recur in 2014″, Saigon Securities, 24 Mar 2014.

PPC3Apr14 : “Stay firm”, RongViet Securities, 3 Apr 2014.

PPC23Apr14 : Initiate Coverage, VP Bank Securities, 23 Apr 2014.

PPC16May14 : “Electricity price not decided yet”, FPT Securities, 16 May 2014.

PPC20May14 : “Decreased sales volume”, BaoViet Securities, 20 May 2014.

PPC12Aug14 : “Power selling price still under negotiation with EVN”, VP Bank Securities, 12 Aug 2014.


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