External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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<ul><li>We raise our target price (TP) for PC1 by 20.5% to VND31,100/share but downgrade our rating to OUTPERFORM from BUY as its share price has rallied 22% over the past three months.</li><li>Our higher TP is driven by a 20.7% increase in our aggregate 2025-29F NPAT-MI forecast (respective changes of -2%/0%/+20%/+29%/+31%), mainly driven by our (1) 62%/44% higher NPAT projections for Nomura IPs/Western Pacific (better-than-expected tariff gap between Vietnam and peers as of August 1), and</li><li>(2) a 16% higher NPAT forecast for wind power (higher ASP assumptions based on higher-than-expected new wind prices ) (page 10).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise our target price (TP) for PC1 by 20.5% to VND31,100/share but downgrade our rating to OUTPERFORM from BUY as its share price has rallied 22% over the past three months.Our higher TP is driven by a 20.7% increase in our aggregate 2025-29F NPAT-MI forecast (respective changes of -2%/0%/+20%/+29%/+31%), mainly driven by our (1) 62%/44% higher NPAT projections for Nomura IPs/Western Pacific (better-than-expected tariff gap between Vietnam and peers as of August 1), and(2) a 16% higher NPAT forecast for wind power (higher ASP assumptions based on higher-than-expected new wind prices ) (page 10).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PC1 [OUTPERFORM +18.7%] - Strengthened Outlook on US Tariff Clarity, Higher Wind Prices - Update

<ul><li>We reiterate BUY rating for PC1 and raise our target price (TP) by 8.0% to VND31,200/share.</li><li>This is due to a 4.5% increase in our aggregate 2024-2028F NPAT-MI forecast (respective changes of +10%/0%/+7%/+5%/+3%) and the positive impact of rolling our TP forward to end-2025 (page 4)</li><li>Our higher aggregate earnings forecast is driven by our 24% higher aggregate NPAT-MI projection for the nickel mining business, fueled by our 55% higher sales volume across the forecast period.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We reiterate BUY rating for PC1 and raise our target price (TP) by 8.0% to VND31,200/share.This is due to a 4.5% increase in our aggregate 2024-2028F NPAT-MI forecast (respective changes of +10%/0%/+7%/+5%/+3%) and the positive impact of rolling our TP forward to end-2025 (page 4)Our higher aggregate earnings forecast is driven by our 24% higher aggregate NPAT-MI projection for the nickel mining business, fueled by our 55% higher sales volume across the forecast period.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PC1 VN - Power Construction and Hydro to Drive 2025 Earnings Jump

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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<ul><li>In Q1/2023, PC1 recorded net revenue and NPAT-MI of VND 1,505 bn (+2% YoY) and VND 14.7 bn (-89% YoY), respectively.</li><li>Despite the new contributions from the nickel project and Nomura IP, the low profit is reflected in (1) lower earnings contribution from hydropower plants, whose output plummeted by 59% YoY, and (2) higher interest expenses, which totaled VND 202 bn (+81% YoY).</li><li>2023 outlook – New earnings contribution from nickel project and Nomura IP are expected to offset earnings from other segments</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1/2023, PC1 recorded net revenue and NPAT-MI of VND 1,505 bn (+2% YoY) and VND 14.7 bn (-89% YoY), respectively.Despite the new contributions from the nickel project and Nomura IP, the low profit is reflected in (1) lower earnings contribution from hydropower plants, whose output plummeted by 59% YoY, and (2) higher interest expenses, which totaled VND 202 bn (+81% YoY).2023 outlook – New earnings contribution from nickel project and Nomura IP are expected to offset earnings from other segmentsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pc1 Group Jsc - Cautious with Growth Expectations Ahead

<ul><li>In Q1/2023, PC1 recorded net revenue and NPAT-MI of VND 1,505 bn (+2% YoY) and VND 14.7 bn (-89% YoY), respectively.</li><li>Despite the new contributions from the nickel project and Nomura IP, the low profit is reflected in (1) lower earnings contribution from hydropower plants, whose output plummeted by 59% YoY, and (2) higher interest expenses, which totaled VND 202 bn (+81% YoY).</li><li>For Q2/2023, we forecast net sales and NPAT-MI at VND 1,518 bn (+1% QoQ, +0% YoY) and VND 39 (+166% QoQ, -38% YoY), respectively.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1/2023, PC1 recorded net revenue and NPAT-MI of VND 1,505 bn (+2% YoY) and VND 14.7 bn (-89% YoY), respectively.Despite the new contributions from the nickel project and Nomura IP, the low profit is reflected in (1) lower earnings contribution from hydropower plants, whose output plummeted by 59% YoY, and (2) higher interest expenses, which totaled VND 202 bn (+81% YoY).For Q2/2023, we forecast net sales and NPAT-MI at VND 1,518 bn (+1% QoQ, +0% YoY) and VND 39 (+166% QoQ, -38% YoY), respectively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PC1 - Cautious with Growth Expectations Ahead

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<ul><li>We forecast a HoH recovery and YoY flat results in both revenue of VND5,358bn (+80% HoH, -0.1% YoY) and net profit of VND271bn (+3% YoY, 1H23: a loss of VND11bn) in 2H23.</li><li>It will be supported by the contribution of two new segments, including the Tan Phat nickel mining project and the industrial park.</li><li>These factors should be enough to make up for a 31% YoY decrease in revenue and a 29% YoY drop in gross profit of the power infrastructure construction segment.</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

We forecast a HoH recovery and YoY flat results in both revenue of VND5,358bn (+80% HoH, -0.1% YoY) and net profit of VND271bn (+3% YoY, 1H23: a loss of VND11bn) in 2H23.It will be supported by the contribution of two new segments, including the Tan Phat nickel mining project and the industrial park.These factors should be enough to make up for a 31% YoY decrease in revenue and a 29% YoY drop in gross profit of the power infrastructure construction segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Power Construction JSC No.1 - Walking Further for Raise

Vietnam

PC1 Group is a Vietnamese multi-industry economic group operating in energy investment, EPC general contractor for electrical works, real estate, industrial parks, mining and mineral processing, electrical power construction, industrial production, and commercial business. The company designs and produces zinc-galvanized steel structures and provides consultancy services. Headquartered in Ha Noi, Vietnam, the company was founded in 1963.

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PC1 Group (PC1 VN)

PC1 [OUTPERFORM +18.7%] - Strengthened Outlook on US Tariff Clarity, Higher Wind Prices - Update

We raise our target price (TP) for PC1 by 20.5% to VND31,100/share but downgrade our rating to OUTPERFORM from BUY as its share price has rallied...

Vietcap

PC1 VN - Power Construction and Hydro to Drive 2025 Earnings Jump

We reiterate BUY rating for PC1 and raise our target price (TP) by 8.0% to VND31,200/share. This is due to a 4.5% increase in our aggregate 2024...

Vietcap

Pc1 Group Jsc - Cautious with Growth Expectations Ahead

For Q2/2023, we forecast net sales and NPAT-MI at VND 1,518 bn (+1% QoQ, +0% YoY) and VND 39 (+166% QoQ, -38% YoY), respectively

Rong Viet Securities

PC1 - Cautious with Growth Expectations Ahead

For Q2/2023, we forecast net sales and NPAT-MI at VND 1,518 bn (+1% QoQ, +0% YoY) and VND 39 (+166% QoQ, -38% YoY), respectively.

Rong Viet Securities

Power Construction JSC No.1 - Walking Further for Raise

We forecast a HoH recovery and YoY flat results in both revenue of VND5,358bn (+80% HoH, -0.1% YoY) and net profit of VND271bn (+3% YoY, 1H23: a...

Mirae Asset Securities

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