Individual Clients
Corporate Clients
PVS reported Q3 2026 results in line with our forecasts. Net revenue reached VND10.5 trillion (+9.9% YoY), while net profit after tax (NPAT) reached VND340 billion (+2.1% YoY). For 9M 2026, revenue totaled VND27.8 trillion (+21% YoY, 84% annual target and 70% of our full-year forecast). NPAT reached VND1.3 trillion (+42% YoY, 131% annual target and 62% of our full-year forecast).
Positive outlook for 2026 and 2027: (1) The M&C segment is expected to remain the key growth driver, with the EPIC-1 package for the Maydan Mahzam project scheduled for execution from Q4 2026 through end-2031; (2) total provision reversals in 2026 could exceed VND600 billion, supporting Q4 2026 earnings; and (3) the amended Petroleum Law is expected to accelerate upstream project execution in 2027.
Forecasts & Pricing: We maintain our 2026 forecasts, with revenue projected at VND40,030 billion (+23% YoY) and NPAT at VND2,197 billion (+16% YoY). We retain our 2026 target price of VND41,100 per share. Recommendation: BUY.
