PVT Update – BUY

PVT reported Q1/2026 results with NPAT reaching VND 387 billion (+39.8% YoY and +12.3% QoQ), in line with our expectations. With this result, PVT has completed 32.3% of its full-year target. We recommend BUY with a target price of VND 28,200/share by end-2026.
PVT announced its Q1/2026 financial statements with revenue of VND 4,177 billion (+49.7% YoY) and NPAT of VND 387 billion (+39.8% YoY). This strong growth was driven by:
• Expanded fleet capacity, with full contributions from 7 new vessels invested in during 2025, helping transportation segment revenue rise 26% YoY. Gross profit margin in this segment also improved to 19.6% from 18.8%.
• Trading segment revenue surged 318% YoY to VND 1,159 billion.
• Although PVT’s gross profit margin declined to 14.6% from 17.6% in the same period last year, the decrease was mainly due to the higher contribution from the trading segment, which carries a low gross margin of only 0.4–1%.
• SG&A expenses as a percentage of revenue fell to 2.8% compared to 3.3% in Q1/2025.
2026 Outlook
The conflict between the U.S. and Iran brings more benefits than risks for PVT, as the affected vessels are operating under time charter contracts or within pool arrangements, allowing the company to maintain stable cash flows during disruptions. Freight rates have also increased sharply by 49–50% YTD.
Higher freight rates are expected to be reflected more fully from Q2/2026 onward as PVT renews its time charter contracts. Accordingly, we forecast PVT’s 2026 results with revenue reaching VND 18,197 billion (+13.4% YoY) and NPAT of VND 1,937 billion (+45.7% YoY). Using the discounted cash flow (DCF) method, we value PVT at VND 28,200/share.