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PV GAS reported Q3 2026 earnings above our forecast, supported by higher selling prices. Net revenue reached VND39.7 trillion (+11.3% YoY), net profit after tax (NPAT) reached VND4.5 trillion (+74% YoY). For 9M 2026, revenue reached nearly VND121 trillion (+32% YoY, 85% of the company’s target, and 71% of our forecast). NPAT reached VND13.5 trillion (+33% YoY, 150% of the company’s target, and 98% of our forecast).
Forecasts & Valuation: We raise our 2026 and 2027 earnings forecasts by 12% and 5%, respectively. We expect oil prices in 2027 to remain above the 2026 average despite easing from recent peaks, supporting higher gas selling prices. Our 2027 target price is VND99,800 per share, implying 36% upside. Recommendation: BUY.
Divestment plan: PVN plans to divest at least a 5.76% equity stake in PV GAS to meet public company requirements. The valuation is expected to be completed in December 2026, after which PVN plans to sell the shares through a public auction on the stock exchange.
