External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

Petrovietnam Technical Servi / Equity Bottom-Up

<ul><li>We raise our target price (TP) for PVS by 8% to VND45,000/share and reiterate a BUY rating, reflecting a 7% increase in our 2025–2029F NPAT-MI forecast (+18%/+15%/-4%/+8%/+5% for 2025–2029F, respectively), and the positive effect from rolling our TP horizon to end-2026.</li><li>Our higher NPAT-MI forecast is driven by: (1) a higher net FX gain given the increase in overseas revenue; (2) higher profit from the seismic survey &amp; ROV segment following 9M results; and (3) VND100bn compensation for canceled offshore wind power.</li><li>These factors outweigh our 8% lower M&amp;C backlog assumption. 9M reported NPAT completes 98% of our previous 2025F.</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 PVS by 8% to VND45,000/share and reiterate a BUY rating, reflecting a 7% increase in our 2025–2029F NPAT-MI forecast (+18%/+15%/-4%/+8%/+5% for 2025–2029F, respectively), and the positive effect from rolling our TP horizon to end-2026.Our higher NPAT-MI forecast is driven by: (1) a higher net FX gain given the increase in overseas revenue; (2) higher profit from the seismic survey &amp; ROV segment following 9M results; and (3) VND100bn compensation for canceled offshore wind power.These factors outweigh our 8% lower M&amp;C backlog assumption. 9M reported NPAT completes 98% of our previous 2025F.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.

PetroVietnam Technical Services PVS - M&C Margin Rebound in Q4 to Boost 2025 Core NPAT

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

Rong Viet Securities

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In Q1/2025, PVS posted consolidated revenue of VND 6,014 billion, marking a robust YoY growth of 62%, primarily fueled by the M&amp;C segment.</li><li>Notably, key contributions came from major EPC packages at the Block B – O Mon gas project and the Greater Changhua offshore wind farm.</li><li>NPAT-MI reached VND 332 billion, up 10% YoY, fulfilling 38% of the full-year earnings guidance.</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 Q1/2025, PVS posted consolidated revenue of VND 6,014 billion, marking a robust YoY growth of 62%, primarily fueled by the M&amp;C segment.Notably, key contributions came from major EPC packages at the Block B – O Mon gas project and the Greater Changhua offshore wind farm.NPAT-MI reached VND 332 billion, up 10% YoY, fulfilling 38% of the full-year earnings guidance.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.

PVS - Strong Q1/2025 Results Driven by Key Projects

<ul><li>In 2025, we expect PVS to achieve revenue of VND33,317 billion (+39.5% YoY) and NPATMI of VND1,193 billion (+1% YoY).</li><li>The main growth driver is the M&amp;C segment, while other businesses segments are expected to maintain stable momentum.</li><li>We estimate that PVS will record revenue ofUSD937 million from M&amp;C projects, with offshore projects contributing over 96% of the revenue, including key projects such as Block B - O Mon, Yellow Camel, and offshore wind projects (Greater Changhua and Bantical Phase 2).</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 2025, we expect PVS to achieve revenue of VND33,317 billion (+39.5% YoY) and NPATMI of VND1,193 billion (+1% YoY).The main growth driver is the M&amp;C segment, while other businesses segments are expected to maintain stable momentum.We estimate that PVS will record revenue ofUSD937 million from M&amp;C projects, with offshore projects contributing over 96% of the revenue, including key projects such as Block B - O Mon, Yellow Camel, and offshore wind projects (Greater Changhua and Bantical Phase 2).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.

PVS - Growth Potential from the M&C Backlog of Key Projects

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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>FPT cut its 2025 base-case guidance to 15% revenue and 18–19% profit growth (vs. 20%/21% at AGM): As of 8M25, revenue reached VND43,818bn (+10.5% YoY) and PBT VND8,315bn (+17.5% YoY), with a margin of 19.0%.</li><li>The Technology segment led with VND27,123bn revenue (+10.6% YoY) and PBT VND3,807bn (+13% YoY), margin of 14%.</li><li>Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.</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>

FPT cut its 2025 base-case guidance to 15% revenue and 18–19% profit growth (vs. 20%/21% at AGM): As of 8M25, revenue reached VND43,818bn (+10.5% YoY) and PBT VND8,315bn (+17.5% YoY), with a margin of 19.0%.The Technology segment led with VND27,123bn revenue (+10.6% YoY) and PBT VND3,807bn (+13% YoY), margin of 14%.Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.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.

Stock recommendations (Vietnam Market)_October 2025

Global Materials | Industrials | Commodities

Rahul Jain

Samsung Heavy Industries / Equity Bottom-Up

<ul>
<li>SHI has signed an MoU with PetroVietnam Shipyard to build two Suezmax and two LR2 tankers, marking its first move into Vietnam.</li>
<li>With Geoje running at 117% utilization, SHI has outsourced over 12 Suezmax tankers to PaxOcean Zhoushan and holds ~$3–3.5 billion in tanker backlog.</li>
<li>While modest in scale, the Vietnam deal could reshape SHI’s outsourcing model—diversifying away from China and laying the groundwork for a longer-term shift in global production strategy.</li>
</ul>


SHI has signed an MoU with PetroVietnam Shipyard to build two Suezmax and two LR2 tankers, marking its first move into Vietnam.
With Geoje running at 117% utilization, SHI has outsourced over 12 Suezmax tankers to PaxOcean Zhoushan and holds ~$3–3.5 billion in tanker backlog.
While modest in scale, the Vietnam deal could reshape SHI’s outsourcing model—diversifying away from China and laying the groundwork for a longer-term shift in global production strategy.


Samsung’s Vietnam Pivot: Small Deal, Big Signal

Vietnam

PetroVietnam Technical Services Corp provides services to petroleum companies. The Company is involved in leasing and chartering, operation and maintenance, properties management and mineral water production.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Petrovietnam Technical Servi (PVS VN)

PetroVietnam Technical Services PVS - M&C Margin Rebound in Q4 to Boost 2025 Core NPAT

We raise our target price (TP) for PVS by 8% to VND45,000/share and reiterate a BUY rating, reflecting a 7% increase in our 2025–2029F NPAT-MI...

Vietcap

PVS - Strong Q1/2025 Results Driven by Key Projects

In Q1/2025, PVS posted consolidated revenue of VND 6,014 billion, marking a robust YoY growth of 62%, primarily fueled by the M&C segment.

Rong Viet Securities

PVS - Growth Potential from the M&C Backlog of Key Projects

In 2025, we expect PVS to achieve revenue of VND33,317 billion (+39.5% YoY) and NPATMI of VND1,193 billion (+1% YoY). The main growth driver is the...

Rong Viet Securities

Stock recommendations (Vietnam Market)_October 2025

Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.

Mirae Asset Securities

Samsung’s Vietnam Pivot: Small Deal, Big Signal

SHI signs MoU with PetroVietnam Shipyard to build tankers in Vietnam, diversifying outsourcing model away from China and potentially reshaping...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PetroVietnam Technical Services PVS - M&C Margin Rebound in Q4 to Boost 2025 Core NPAT

We raise our target price (TP) for PVS by 8% to VND45,000/share and reiterate a BUY rating, reflecting a 7% increase in our 2025–2029F NPAT-MI...

Vietcap

PVS - Strong Q1/2025 Results Driven by Key Projects

In Q1/2025, PVS posted consolidated revenue of VND 6,014 billion, marking a robust YoY growth of 62%, primarily fueled by the M&C segment.

Rong Viet Securities

PVS - Growth Potential from the M&C Backlog of Key Projects

In 2025, we expect PVS to achieve revenue of VND33,317 billion (+39.5% YoY) and NPATMI of VND1,193 billion (+1% YoY). The main growth driver is the...

Rong Viet Securities

Stock recommendations (Vietnam Market)_October 2025

Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.

Mirae Asset Securities

Samsung’s Vietnam Pivot: Small Deal, Big Signal

​SHI signs MoU with PetroVietnam Shipyard to build tankers in Vietnam, diversifying outsourcing model away from China and potentially reshaping...

Rahul Jain

SHI signs MoU with PetroVietnam Shipyard to build tankers in Vietnam, diversifying outsourcing model away from China and potentially reshaping...