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PVS held analyst meeting on June 2026 with the following information:
2026 positive business results: For the first 5 months, PVS recorded revenue of VND 13,515 billion (+34% year-on-year, 41% of the plan), and after-tax profit of VND 563 billion (+11% year-on-year, 57% of the plan).
Reversal of provisions in 2026: PVS expects to sign the acceptance certificate for the Sao Vang – Dai Nguyet project, thereby recording a reversal of provisions of approximately VND 600 billion. In addition, reversals from several other projects could bring the total reversal of provisions to over VND 630 billion.
2026 forecast & pricing: For 2026 forecast, PVS is expected to reach VND 40,030 billion (+23% yoy) and net profit to reach VND 2,197 billion (+16% yoy). We maintain PVS target price of VND 49,400/share by the end of 2026. Rating: BUY
