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

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<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><p><em>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.</em></p>

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

Power Construction JSC No.1 (PC1 VN)<div class="content-highlight"><em>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.</em></div>

Power Construction JSC No.1 (PC1 VN)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 (PC1 VN/Buy)_Update_Real estate and wind power to lead FY22 earnings

Valuation and recommendation We raise our target price for Power Construction JSC No.1 (PC1) to VND41,600 (from VND29,900) and maintain our Trading Buy recommendation (+18% upside).<div class="content-highlight"><em>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.</em></div>

Valuation and recommendation We raise our target price for Power Construction JSC No.1 (PC1) to VND41,600 (from VND29,900) and maintain our Trading Buy recommendation (+18% upside).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 (PC1 VN/Trading Buy)_Update_Momentum from wind power projects

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 - 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 (PC1 VN/Buy)_Update_Real estate and wind power to lead FY22 earnings

Power Construction JSC No.1 (PC1 VN)

Mirae Asset Securities

Power Construction JSC No.1 (PC1 VN/Trading Buy)_Update_Momentum from wind power projects

Valuation and recommendation We raise our target price for Power Construction JSC No.1 (PC1) to VND41,600 (from VND29,900) and maintain our Trading...

Mirae Asset Securities

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