PHP – Update – Reaching new heights
Posted: Feb 2, 2026
- In 4Q25, PHP’s net profit surged 45.1% YoY, driven by services fee hikes across its ports. For FY2025, net profit grew 2% YoY, supported by gross margin expansion and robust earnings contributions from associates & joint ventures.
- For 2026-27, we project PHP’s net profit to deliver robust growth (28.8%/18.1% YoY), underpinned by the ramp-up of Lach Huyen terminals and system-wide tariff hikes.
- We recommend ADD for PHP with a target price of VND 53,200/share.
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