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Corporate Clients
PVD announced its Q2 2026 financial results, consistent with our forecast.
Q2 revenue reached VND 3,027 billion (+24.6% yoy), and net profit reached VND 177 billion (-28.9% yoy). The decrease in net profit is due to PVD recording a significant increase in income from asset liquidation and insurance compensation related to the PVD VI rig in the same period of 2025.
For the first six months of 2026, revenue reached VND 6,437 billion (+63% yoy), and net profit reached VND 478 billion (+22% yoy, completing 59% of the annual plan and 40% of our forecast). The gross profit margin decreased slightly to approximately 18% compared to 20% in the same period last year. This is due to PVD investing in new drilling rigs, and the conflict in the Middle East causing increased related costs.
We maintain our 2026 revenue and profit growth forecasts of 16% and 14% respectively compared to 2025. The target price by the end of 2026 (after the stock dividend in July) is VND 24,200/share (34% upside potential). Recommendation: Buy.
