SJD -Can Don Hydro Power JSC : VN

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ckanjana
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SJD -Can Don Hydro Power JSC : VN

Posts by ckanjana » Sun Feb 07, 2021 9:14 am

Sector: Conventional Electricity
Charter Capital: 689,986,200,000
Listing Share Volume: 68,998,620
Outstanding Shares (Shares): 68,998,620
Corporate History
15 April 1998: Can Don BOT Company was established;
11 October 2004: Transformed into Can Don Hydropower Joint Stock Company with a charter capital of VND200 billion;
25 December 2006: Listed on the HOSE;
10 July 2007: Charter capital was increased to VND260 billion;
09 July 2008: Charter capital was increased to VND298,996,290,000;
08 July 2010: Charter capital was increased to VND358,791,500,000;
28 June 2013: Charter capital was increased to VND409,991,500,000 by merging Ry Ninh II Hydropower Joint Stock Company;
30 June 2014: Charter capital was increased to VND459,991,500,000 by merging Na Loi Hydropower Joint Stock Company;
27 April 2017: Charter capital was increased to VND689,986,200,000;


Core Business
Generating and trading commercial electricity;
Manufacturing construction materials, equipment and machineries;
Other business lines under the business registration certificate;
Company Position
Can Don Hydropower Joint Stock Company owns 04 hydropower plants with a total design capacity of 104 MW and a total production output of 431 million KWh per year, in which the Company directly manages and operates Can Don Hydropower Plant with a capacity of 77.6 MW, Ry Ninh II Hydropower Plant with a capacity of 8.1 MW and Na Loi Hydropower Plant with a capacity of 9.3MW, and indirectly manages Ha Tay Hydropower Plant with a capacity of 9 MW through its subsidiary - Song Da Tay Nguyen Hydropower Joint Stock Company.
Development Strategies
Expand business in terms of size, sectors and capacity;
Mobilizing resources to promote strengths to participate in the competitive power market effectively;
Invest in the small and medium hydropower project;
Major Development ProjectsPAN style="FONT-FAMILY: Arial Black">
On March 31, 2015: Ha Tay hydropower is expected to work with designed capacity of 37.56 million KWh.
Company Prospects
Vietnam electricity production does not keep up with the national consumption and the pace of Vietnam economy. In addition, the hydropower development belongs to the prioritized strategy in power development until 2030. As a result, hydropower enterprises continue to enjoy incentive policies and other supports from Vietnam government.


Key Business Risks
The Company's power generation might face up with unprecedented risks due to climate and seasonal factors.
There are shortcomings in electricity pricing mechanism, in which fixed unit prices of power purchase contract are not adjusted in response to the market mechanism or fluctuation of interest rate, exchange rate. This circumstance affect its business significantly.
Development of hydropower plant consumes huge investment, mainly from loans. The fluctuation of interest rate also impacts on its business performance.
High competition in the future: In 2021, electricity market will not be regulated by the Government, thus there are many firms, both domestic and foreign, enter to the market.
In the future, new energy sources such as wind energy, solar energy, nuclear energy will replace hydropower in generating power.
Address: Thanh Thuy Hamlet, Thanh Binh Townlet - Bu Dop - Binh Phuoc
Telephone: +84-(271) 3693359
Fax: +84-(271) 3563133
Website: www.candon.com.vn

Last edited by ckanjana on Sun Feb 07, 2021 9:25 am, edited 3 times in total.
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ckanjana
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Posts: 144
Joined: Sat Jul 17, 2010 7:17 pm

Re: SJD

Posts by ckanjana » Sun Feb 07, 2021 9:18 am

Attractive dividend yield of 11% which is much higher than regional avg. of 5%, either the
Vietnamese deposit rate or the 5Y/10Y Government bond yield. The company will pay the
phase 1 (11% par) of the 2019 cash dividend with coming 02-Dec-2020 record date. The
phase 2 will be paid in 31-Mar-2021. 
 Per historical track record, the actual performances were quite in line with the company
guidance (see the attach file namely SJD monthly & annual performance).
 For the case of expanded La Nina until the end of 2021, SJD should be one of the potential
investment opportunities if the 2021 volume could pick up to the 2017 level (545 mn kwh). Per
our observation, La Nina had normally expanded in two years (please see the image below as
the ONI Index which will indicate the La Nina if falling below -0.5). 

But as the monthly track record (please see attached file), SJD generation volume still has not
picked up until the Oct '20. It is in line with the others Southern hydropower plants.
Meanwhile, generation volume from the Northern and Central hydropower plants (VSH, CHP,
SBH, TBC)

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ckanjana
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Re: SJD

Posts by ckanjana » Sun Feb 07, 2021 9:33 am

VAD masterclass
( )

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