PDR – Update – Strong cash flow, concentrated project portfolio
Posted: Mar 30, 2026
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We forecast PDR’s 1Q26 net profit at VND 650 bn (+1,185% YoY), primarily driven by financial income from the divestment of Thuan An 1.
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Over the 2026–27 period, PDR is expected to actively advance its core projects and restructure its land bank, focusing on Ho Chi Minh City and Dong Nai. Earnings are projected to grow 95% YoY in 2026 and decline 13% YoY in 2027.
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We reiterate our ADD rating with a new target price of VND 20,400 per share.
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