Individual Clients
Corporate Clients
In 2025, the company achieved revenue of VND 831.6 billion (+213% yoy), and net profit after tax of VND 61.8 billion (an increase of nearly 4.3 times yoy). Growth mainly comes from pipe coating construction contracts for projects (1) Block B – O Mon, (2) Lac Da Vang, and (3) fuel pipeline of Long Thanh International Airport Phase 1. For Block B – O Mon project, PVB has signed contracts to undertake pipe coating for both the onshore pipeline of approximately VND 420 billion and the offshore pipeline of approximately VND 2,150 billion.
In 2026, we forecast PVB to grow by 7% in revenue and 13% in net profit thanks to the backlog from Block B – O Mon project, Thien Nga – Hai Au and Dai Hung Nam projects, and the potential from newly implemented upstream projects. Using the discounted cash flow (DCF) method, we value PVB with a target price of VND 39,800/share by the end of 2026. Potential upside of 12% from the market price. Rating: OUTPERFORM.
