Vinh Son – Song Hinh Hydropower JSC (VSH : HOSE)

The Vinh Son-Song Hinh JSC was formerly known as the Vinh Son Hydro Power Plant directly under the Electricity No. 3 Company with a total installed capacity and annual power output of 66MW and 230 million kWh respectively.

The Vinh Son plant was officially connected to the National Grid System in 1994 and is considered the largest hydro power plant in the Middle and the Highland areas. In 1999, EVN appointed the Vinh Son Plant to manage and operate the Song Hinh plant with a total installed capacity and power output of 70MW and 370 million kWh/year. The company was renamed the Vinh Son-Song Hinh hydro power plant in July 2007. VSH was certificated ISO1990-2000 by BM Trade in the power-generating field. In May 2005, the Vinh Son-Song Hinh power plant officially changed its business type to a joint stock company, listed on the HASTC on July 14, 2005, and moved to list on Hose on July 18, 2006 with a price of VND35.500. Its main businesses are:

  1. generating and trading electricity;
  2. maintaining, repairing and operating hydro power plant services;
  3. consulting and supervising hydro power projects;
  4. importing and exporting equipment; and
  5. trading equipment and accessories used in hydro power plants.

21 Nguyen Hue, Quy Nhon City, Binh Dinh Province
Phone: +84 (56) 389-2792
Fax: +84 (56) 389-1975

Web Address

VSH29Jul08 : Company visit note, JP Morgan Securities, 29 Jul 2008.

VSH5Aug09 : Company Update, Habubank Securities, 5 Aug 2009.

VSH28Aug09 : “Drought on the horizon”, VinaSecurities Initiate Coverage, 28 Aug 2009.

VSH17Nov10 : Equity Report, Thang Long Securities, 17 Nov 2010.

VSH10Jan11 : Initiate Coverage, ACB Securities, 10 Jan 2011.

VSH23Aug11: Company Update, Thang Long Securities, 23 Aug 2011.

VSH10Nov11 : “Decent growth at fairly attractive valuations”, HCMC Securities, 10 Nov 2011.

VSH22Nov12 : “New PPA a potential catalyst”, Kim Eng Securities, 22 Nov 2012.

VSH15Apr13 : Mini Report, HCMC Securities, 15 Apr 2013.

VSH6Aug13 : Company Update, FPT Securities, 6 Aug 2013.

VSH2Oct13 : “No spikes in financial revenue from Q3/2013″, BaoViet Securities, 2 Oct 2013.

VSH17Feb14 : “New methodology will hurt power companies”, BaoViet Securities, 17 Feb 2014.

VSH5Mar14 : Initiate Coverage, VP Bank Securities, 5 Mar 2014.

VSH3Jun14 : “Electricity price yet negotiated”, BaoViet Securities, 3 Jun 2014.


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