PV Power (POW) Appoints New Board Members, Targets 63% Profit Drop in 2026

Overview

PV Power (POW) has announced senior management changes following its 2026 Annual General Meeting, including the appointment of Mr. Phan Anh Minh to the Board of Directors and Ms. Do Thi Minh Hong as Controller. The company also set a 2026 target of VND 49,887 billion in revenue and VND 1,124 billion in net profit, down 63% from 2025.

Key Facts

• Mr. Phan Anh Minh, Secretary of the Party Committee of scientific research units at Vietnam National Oil and Gas Group (PVN), appointed to POW’s Board of Directors for a 5-year term effective August 1, 2026.
• Ms. Do Thi Minh Hong, Specialist at PVN’s Internal Audit Department, appointed as Controller of PV Power for a 5-year term effective May 20, 2026.
• Ms. Nguyen Hoang Yen was removed from the Board of Directors effective August 1, 2026, due to term expiration.
• 2026 targets: total revenue of VND 49,887 billion, net profit of VND 1,124 billion (down 63% from 2025), and state budget contribution of VND 899 billion.
• 2026 planned electricity output: 21,615 million kWh.
• The AGM authorized the Board to adjust the 2026 business plan as needed.

What Happened

PV Power (POW) issued a notice to the State Securities Commission and Ho Chi Minh City Stock Exchange (HoSE) regarding changes in senior personnel following the 2026 Annual General Meeting held on May 20, 2026. The company appointed Mr. Phan Anh Minh, currently serving as Party Secretary of scientific research units at PVN, to the Board of Directors for a five-year term starting August 1, 2026. Ms. Do Thi Minh Hong, a specialist from PVN’s Internal Audit Department, was appointed as Controller effective May 20, 2026, also for a five-year term.

Concurrently, Ms. Nguyen Hoang Yen was removed from the Board of Directors effective August 1, 2026, due to the end of her term. The AGM also approved the 2025 audited financial statements, profit distribution plan, and the 2026 business plan. The company targets 2026 revenue of VND 49,887 billion and net profit of VND 1,124 billion, representing a 63% decline from 2025 actual results. The AGM delegated authority to the Board to adjust the 2026 plan as necessary.

Market Context

POW shares closed at VND 13,600 on May 24, 2026, up 0.74% with volume of 6.88 million shares on HoSE. The stock has been under pressure amid lower power demand and rising input costs. The 63% profit target cut reflects ongoing challenges in the energy sector, including coal price volatility and regulatory changes. POW’s valuation remains modest compared to peers, but the management shake-up and weak guidance may weigh on sentiment.

Strategic Significance

The leadership changes signal a continuation of PVN’s influence over POW’s strategic direction, with key appointments from the parent group. The sharp profit decline target for 2026 underscores structural headwinds: lower electricity output expectations and compressed margins. For long-term investors, the key question is whether the new board can execute cost-saving measures and navigate the transition to renewable energy. The authorization to adjust the plan suggests management is prepared to adapt to market conditions.

What to Watch

• Q1 2026 earnings release to gauge actual performance against the full-year target.
• Any further management changes or strategic shifts announced by the new board.
• Updates on coal procurement costs and power purchase agreements.
• Regulatory developments affecting the power sector, especially pricing and environmental rules.
• Progress on any renewable energy projects that could diversify POW’s generation mix.