Published Date: 25/04/2025
- Net profit in Q1/25 surged by 61.5% yoy, primarily driven by inventory stockpiling trends in the U.S. market and a low base from the previous year.
- We have revised down net profit for 2025-26 by 33.6%/30.6% compared to our previous estimates, reflecting a more subdued business outlook from the second half of 2025 onwards due to U.S. tariff policies. Net profit for 2025-26 is projected to increase by 1.9%/9% yoy.
- We change our recommendation for PTB to HOLD and revise down our target price to VND53,700 to reflect the headwinds stemming from the new U.S. tariff.
