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PC1 announced Q1/2026 results, reporting revenue of VND2,168 bibnllion, +17% YoY, and NPAT of VND270 bn, +86% YoY, fulfilling 26% of the company’s plan and 18% of our 2026 forecast. The strong Q1/2026 performance was primarily driven by robust revenue growth in the power construction segment and real estate (the Thap Vang project, whereas no revenue from this segment was recorded in the same period last year), as well as the recognition of VND120 bn in gains from the divestment of an associate. Our latest target price for PC1 was VND32,800/share, rating BUY.
By the end of Q1/2026, PC1 recorded revenue of VND2,168 bn, +17% YoY, mainly attributable to stronger contributions from the construction segment, which generated VND957 bn in revenue, +31% YoY, together with VND177 bn recognized from the Thap Vang project, while no revenue from real estate was recognized in the same period last year. Gross profit reached VND467 bn, +2% YoY, as gross margin in the construction segment declined to 5% from above 6% in Q1/2025, while gross margin in the energy segment decreased from 64% in the same period last year to 58%, mainly due to lower average electricity selling prices. NPAT increased sharply to VND270 bn, +86% YoY, supported by the recognition of VND120 bn from the divestment of an associate company (most likely CT2, as previously indicated by management)
Quick conclusion: PC1 delivered relatively positive business results in Q1/2026, completing 25% of the company’s target and 18% of our 2026 forecast. Our latest target price for PC1 was VND 32,800/share, rating BUY. Noted, this recommendation was established under the assumption of normal business operations. Recently, official information confirmed that 07 senior executives of the company have been prosecuted and placed under temporary detention. Therefore, we need further clarification regarding the ongoing investigation before reassessing our recommendations on the company.
