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PVGAS announces Q2 2026 business results: consistent with our forecast.
In Q2 2026, GAS achieved revenue of VND 43,249 billion (+43.8% yoy), and net profit of VND 6,021 billion (+25.2% yoy). During the period, GAS reversed nearly VND 500 billion in bad debt provisions. This contributed to an increase in gross profit margin to 18% (compared to 16.5% in the same period last year).
For the first six months of 2026, revenue reached VND 81,268 billion (+45.8% yoy, completing 57% of the annual plan and 48% of our forecast), and net profit reached VND 9,025 billion (+19.2% yoy, completing 100% of the annual plan and 64% of our forecast).
We maintain our forecast for revenue and profit growth in 2026 at 25% and 19% respectively compared to 2025. The target price by the end of 2026 (after dividend distribution) is VND 99,800/share (42% upside potential). Recommendation: Buy.
