| Title | X-Alpha | PVD 34,600 +27%: Establishing a new growth ground |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Industry | Oil & Gas |
| Bussiness | PVD |
| Detail |
Date : 26/12/2025 Total pages : 0 Language : English File Type : .PDF FileSize : 495 Kb Download: 0 Download |
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| Short Content |
VALUATION PERSPECTIVE We maintain our BUY recommendation for PVD shares, while raising our 2025F target price to VND 34,600/share (compared to VND 27,350/share in our most recent report), representing an upside of +27% compared to the closing price on December 26, 2025. The target price is determined using a combined EV/EBITDA and DCF method with a 50%/50% weighting.
BUSINESS RESULTS PROJECTION
BUSINESS UPDATE Business Results Update: Q3/2025 Results: Net revenue = VND 2,571 billion (+5% YoY, +6% QoQ), Profit after tax - NCI = VND 278 billion (+53% YoY, +16% QoQ). Q3/2025 results exceeded BSC's forecast, mainly due to the drilling engineering and services segment exceeding projections. Investment perspective update (Refer to the latest report)
RISKS (1) Fluctuations in oil prices have affected rig rental rates and PVD's profits. (2) Exchange rate risk and foreign customers' payment capacity. |