PPC.VN Pha Lai Thermal Power JSC
- Market cap
- VND 2.80T
- P/E
- 9.5x
- P/B
- 0.63x
- ROE
- 5.1%
- Dividend yield
- 2.29%
- Fundamental score
- 2.3/5
Ratios use the latest price and the current fiscal year annualized from 3 quarters up to Sep 2026.
Is PPC.VN undervalued?
Graham numberPPC.VN trades 48.6% below its Graham number.
Graham number = √(22.5 × EPS × book value per share): the most a defensive investor should pay according to Benjamin Graham. An estimate, not a recommendation to buy or sell. How is it calculated?
Pha Lai Thermal Power JSC fundamental analysis
12 of 22 checks passedROE 0/2
Low return on equity (5.1%), below 10%.
ROA 1/1
Return on assets (4.2%) is above the industry median (3.6%).
Profit Consistency 2/2
Profitable for 7 consecutive years.
Earnings Growth 5Y 0/1
Earnings per share did not grow over the past 5 years.
Earnings Acceleration 0/1
Last year's EPS growth (-60.2%) is not above the 5-year average (-30.0% a year).
Earnings Growth vs Industry 0/1
Last year's EPS growth (-60.2%) is below the industry median (17.5%).
Revenue Growth 1/2
Revenue grew 7.6% a year over the past 3 years.
Short-term Liquidity 1/1
Current assets cover short-term liabilities.
Long-term Liabilities 1/1
Current assets cover long-term liabilities.
Debt to Equity 0/2
Debt to equity cannot be calculated: debt is not reported or equity is negative.
Debt Trend 0/1
Debt to equity has risen over the past 5 years.
Debt Coverage 0/1
Debt is not reported.
Interest Coverage 1/1
EBIT is 23.4x against interest expense, well covered.
PE vs Market 1/1
PE (9.5x) is below the market median (11.2x).
PE vs Industry 1/1
PE (9.5x) is below the industry median (11.2x).
PBV 1/1
Price to book (0.6x) is below the industry median (1.2x).
Graham Number 1/1
The price is below the Graham number (PE x PB = 5.9, limit 22.5).
PEG 0/1
PEG needs positive PE and positive 5-year earnings growth.
Dividend Yield 1/2
Dividend yield (2.3%) is above the bottom 25% of dividend payers in the market.
Dividend Stability 0/2
Dividends were not paid steadily for the past 5 years.
Dividend Growth 0/1
Dividends paid did not grow over the past 5 years.
Payout Ratio 1/1
Payout ratio is 37.7%, covered by earnings.
Each check is worth 1 or 2 points by how much it says about the quality of the company. The score is the share of points earned, out of 5. Ask AI to explain this score
Pha Lai Thermal Power JSC stock price
Prices on the chart can differ slightly from the closing prices StockSummer uses for its ratios.
About Pha Lai Thermal Power JSC
Pha Lai Thermal Power Joint Stock Company engages in the generation and sale of electricity business from thermal and natural coal fuel in Vietnam. The company was founded in 2006 and is headquartered in Hai Phong, Vietnam.
Full company profilePha Lai Thermal Power JSC financial statements
2026 annualized: Fiscal year 2026 is not finished. Income statement and cash flow are annualized from 3 quarters up to Sep 30, 2026, the balance sheet is the latest quarter. Figures change when the annual report is published.
Pha Lai Thermal Power JSC annual financial statements (VND; K = thousand, M = million, B = billion, T = trillion)
| Item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 Anlz |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 8.18T | 7.93T | 3.87T | 5.28T | 5.81T | 7.68T | 6.57T | 8.72T |
| Gross Profit | 1.28T | 1.01T | -234B | 385B | 36.5B | 228B | 257B | 230B |
| Operating Income | 1.24T | 925B | -296B | 263B | -80.4B | 87.8B | 155B | 110B |
| EBITDA | 1.58T | 1.25T | 284B | 620B | 444B | 496B | 247B | 296B |
| Net Income | 1.26T | 1.01T | 216B | 497B | 380B | 427B | 170B | 227B |
| EPS | 3,933 | 3,153 | 674 | 1,551 | 1,186 | 1,332 | 530 | 707 |
| Balance Sheet | ||||||||
| Total Assets | 7.26T | 7.23T | 5.45T | 5.78T | 5.78T | 5.53T | 5.25T | 5.40T |
| Total Liabilities | 1.29T | 750B | 594B | 614B | 767B | 1.01T | 775B | 933B |
| Shareholders' Equity | 5.96T | 6.48T | 4.85T | 5.17T | 5.01T | 4.52T | 4.47T | 4.47T |
| Cash & Short-term Investments | 241B | 273B | 527B | 60.3B | 23.5B | 25.5B | 396B | 389B |
| Cash Flow | ||||||||
| Operating Cash Flow | 267B | 904B | 531B | -1.08T | -125B | 493B | 320B | -165B |
| Capital Expenditure | 34.8B | 50.0B | 16.0B | 75.1B | 4.66B | 5.43B | 19.5B | 10.2B |
| Free Cash Flow | 232B | 854B | 515B | -1.15T | -130B | 488B | 300B | -175B |
| Ratios | ||||||||
| ROE | 21.1% | 15.6% | 4.5% | 9.6% | 7.6% | 9.4% | 3.8% | 5.1% |
| ROA | 17.4% | 14.0% | 4.0% | 8.6% | 6.6% | 7.7% | 3.2% | 4.2% |
| Net Profit Margin | 15.4% | 12.8% | 5.6% | 9.4% | 6.5% | 5.6% | 2.6% | 2.6% |
What these items mean
- Revenue
- Total sales of goods and services in the period.
- Gross Profit
- Revenue minus the direct cost of producing what was sold.
- Operating Income
- Profit from the core business after operating expenses.
- EBITDA
- Earnings before interest, taxes, depreciation and amortization.
- Net Income
- Profit left for shareholders after all expenses, interest and taxes.
- EPS
- Net income divided by shares outstanding.
- Total Assets
- Everything the company owns.
- Total Liabilities
- Everything the company owes.
- Shareholders' Equity
- Assets minus liabilities: the book value that belongs to shareholders.
- Cash & Short-term Investments
- Cash and investments that can be turned into cash quickly.
- Operating Cash Flow
- Cash generated by the core business.
- Capital Expenditure
- Cash spent on property, plant and equipment.
- Free Cash Flow
- Operating cash flow minus capital expenditure: cash left for dividends, buybacks or debt repayment.
- ROE
- Return on equity: net income divided by shareholders' equity.
- ROA
- Return on assets: net income divided by total assets.
- Net Profit Margin
- Net income as a share of revenue.
Pha Lai Thermal Power JSC dividends
- Dividend yield
- 2.29%
- Forward dividend
- 450.00 VND
- Payout ratio
- 37.7%
- Ex-dividend date
- Nov 11, 2026
| Fiscal year | Dividends paid | Per share | Payout ratio |
|---|---|---|---|
| 2025 | VND 64.0B | 200 | 37.7% |
| 2024 | VND 889B | 2,772 | 208.1% |
| 2023 | VND 128B | 400 | 33.7% |
| 2022 | VND 144B | 450 | 29.0% |
| 2021 | VND 1.83T | 5,708 | 846.5% |
| 2020 | VND 609B | 1,899 | 60.2% |
| 2019 | VND 635B | 1,982 | 50.4% |
From the cash flow statement: dividends paid in the fiscal year, divided by that year's shares outstanding. Payout ratio = dividends paid / net income.
Who owns Pha Lai Thermal Power JSC
- Insiders 72.02%
- Institutions 5.96%
- Public & others 22.02%
- Shares outstanding 321M
- Free float 89.7M
Pha Lai Thermal Power JSC company profile
- Company name
- Pha Lai Thermal Power JSC
- Ticker
- PPC.VN
- ISIN
- VN000000PPC6
- Exchange
- Vietnam Stocks
- Sector
- Utilities
- Industry
- Utilities - Independent Power Producers
- Employees
- 699
- Fiscal year end
- December
- Address
- Km 28 National Highway 18, Hai Phong, Vietnam
- Phone
- 84 22 0388 1126
- Website
- ppc.evn.vn
About Pha Lai Thermal Power JSC
Pha Lai Thermal Power Joint Stock Company engages in the generation and sale of electricity business from thermal and natural coal fuel in Vietnam. The company was founded in 2006 and is headquartered in Hai Phong, Vietnam.
Pha Lai Thermal Power JSC management
7- Mr. Hai Hoang NguyenCEO & Member of Board of Director
- Mr. Hong Van PhamChief Accountant
- Mr. Thanh Van NguyenHead of the Internal Audit Department & Independent Director · born 1959
- Mr. Dong Nguyen NgoDeputy General Director, Project Manager Director & Director
- Mr. Quyet Kien DangDeputy Chief Executive Officer
- Mr. Thanh Minh NguyenDeputy General Director
- Mr. Hieu Van HoangSecretary