We maintain a positive view on POW as one of Vietnam’s leading power generation companies. With demand projected to grow at over 10% annually through 2030, POW, currently the 5th largest power producer by capacity nationwide, is well-positioned to benefit. Meanwhile, new projects such as LNG Quang Ninh and the expansion of Ca Mau 1 & 2 will further strengthen its medium- and long-term growth outlook. At the current price, POW is trading at a forward P/E of approximately 11.8x for 2026, significantly below its 5-year average of 20.1x, indicating an attractive valuation relative to its industry-leading position. Based on these factors, we recommend OUTPERFORM with a target price of VND 15,300/share, implying an upside potential of 17.7%.