PDR – Update – Thu Thiem opens a new cycle; near-term profit pressured by interest expense
Posted: Oct 15, 2026
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We forecast PDR’s Q3/2026 net profit at VND26bn (-69.7% YoY) as no projects are scheduled for handover in the quarter and no one-off revenue from project transfers/divestments is expected.
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We forecast PDR’s 2026F net profit at VND458bn (-11.0% YoY) as interest expense, provisions and taxes rise sharply. 2027F profit is forecast at VND732bn (+59.8% YoY) on revenue recognition from Bac Ha Thanh and the Thuan An 2 divestment.
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We recommend an ADD rating for PDR with a target price of VND17,100/share.
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