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Q3 earnings declined: Revenue reached VND3.2 trillion (+25% YoY), while net profit after tax (NPAT) came in at just VND81.7 billion (-70% YoY). For 9M 2026, revenue totaled VND9.6 trillion (+47% YoY, 86% of the company’s full-year target and 76% of our full-year forecast). NPAT reached VND560 billion (-16.7% YoY, 70% of the company’s full-year target and 51% of our full-year forecast).
Despite revenue growth, Q3 NPAT declined sharply, primarily due to the following factors:
(1) Gross profit margin contracted from 23.7% to 12.4% due to exceptional costs associated with the Song Doc field decommissioning project. PVD recognized all project revenue in 2025; however, an operational incident in May 2025 resulted in additional remediation costs extending into 2026. According to PVD, these costs affected Q3 only and will have no impact on Q4. We therefore expect PVD to meet its 2026 earnings target.
(2) Interest expense rose sharply to VND83 billion (+80% YoY), primarily attributable to loans financing the PVD VIII and PVD IX rigs.
Forecasts & Valuation: We revise our earnings forecasts and valuations for 2026 and 2027 to reflect additional costs arising from the extended project duration. Specifically, we lower our 2026 and 2027 earnings forecasts by 20% and 14%, respectively. Accordingly, we reduce our 2027 target price by 15% to VND20,300 per share (16% upside). Recommendation: OUTPERFORM.
