PVS – Update – A quiet powerhouse
Posted: Mar 12, 2026
- 4Q2025: PVS reported net profit of VND806bn (+83.8% YoY), driven by a strong improvement in M&C operating margins. For FY2025, net profit reached VND1,821bn (+70.2% YoY), fulfilling 158% of our full-year forecast.
- We forecast PVS’s net profit for 2026–27 at VND1,967bn / VND1,973bn (+8.1% / +0.3% YoY), supported by a solid M&C project backlog with revenue recognition peaking in 2026.
- We maintain an ADD recommendation with a target price of VND54,900/share.
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