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

Mirae Asset Securities

External broker reports(aggregated public sources)

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

Equity Bottom-Up

PetroVietnam Technical Services / Equity Bottom-Up

<ul><li>PVS reported its 2025 results with revenue reaching an all-time high of VND32,556bn (+37% YoY) and net profit of VND1,821bn (+70% YoY) – align with the peak of the 2014 cycle; these figures fulfilled 82% and 117% of our revenue and profit forecasts, respectively. In detail, the earnings mismatch was mainly driven by: 1) an exceptional FX gain of VND548bn (+68% YoY);</li><li>2) a VND247bn reversal of provisions related to the Sao Mai – Ben Dinh project; and</li><li>3) PVS may approach conservative accounting to measure the completed backlogs, which only archived 75% of our projection. </li></ul><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>

PVS reported its 2025 results with revenue reaching an all-time high of VND32,556bn (+37% YoY) and net profit of VND1,821bn (+70% YoY) – align with the peak of the 2014 cycle; these figures fulfilled 82% and 117% of our revenue and profit forecasts, respectively. In detail, the earnings mismatch was mainly driven by: 1) an exceptional FX gain of VND548bn (+68% YoY);2) a VND247bn reversal of provisions related to the Sao Mai – Ben Dinh project; and3) PVS may approach conservative accounting to measure the completed backlogs, which only archived 75% of our projection. 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 Corporation (PVS VN Equity/Hold) - Update - A golden turn

External broker reports(aggregated public sources), Vietcap

Vietcap

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

<ul><li>We raise our target price (TP) for PVS by 20% to VND58,100/share and maintain a BUY rating.</li><li>This reflects a 19.6% increase in our aggregate 2026–2030F NPAT-MI forecast (changes of +18%/+22%/+22%/+20%/+16% for 2026–30F, respectively).</li><li>Our higher NPAT-MI forecast is driven by (1) a 52 bps higher M&amp;C gross profit margin for the 2026-2030 period, (2) a higher profit forecast for FPSO Lam Son, and (3) a lower MI forecast. </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>

We raise our target price (TP) for PVS by 20% to VND58,100/share and maintain a BUY rating.This reflects a 19.6% increase in our aggregate 2026–2030F NPAT-MI forecast (changes of +18%/+22%/+22%/+20%/+16% for 2026–30F, respectively).Our higher NPAT-MI forecast is driven by (1) a 52 bps higher M&amp;C gross profit margin for the 2026-2030 period, (2) a higher profit forecast for FPSO Lam Son, and (3) a lower MI forecast. 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 [BUY +23.6%] - M&C Margin to Further Increase, Boosting 3-Yr Profit CAGR

<ul><li style="text-align: justify;">We raise our target price (TP) for PVS by 15% to VND48,300/share and reiterate a BUY rating, reflecting a 12% increase in our aggregate 2026–2030F NPAT-MI forecast (changes of +10%/+9%/15%/+13%/+11% for 2026–30F, respectively).</li><li style="text-align: justify;">Our higher NPAT-MI forecast is driven by (1) a higher net foreign exchange (FX) gain assumption as PVS benefits from rising overseas USD-denominated revenue, and (2) a 9% upward revision to our 2026–2030F M&amp;C backlog assumption, reflecting the inclusion of Hai Su Vang, for which we assume a potential M&amp;C backlog contribution of ~USD500mn.</li><li style="text-align: justify;">We forecast 2026F reported NPAT-MI to grow 17% YoY, mainly driven by a 34% YoY increase in M&amp;C gross profit, supported by a 17% YoY rise in revenue from Block B’s peaking progress, GPM expanding to 2.0% (+0.2 ppts YoY), and higher O&amp;M gross profit. </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>

We raise our target price (TP) for PVS by 15% to VND48,300/share and reiterate a BUY rating, reflecting a 12% increase in our aggregate 2026–2030F NPAT-MI forecast (changes of +10%/+9%/15%/+13%/+11% for 2026–30F, respectively).Our higher NPAT-MI forecast is driven by (1) a higher net foreign exchange (FX) gain assumption as PVS benefits from rising overseas USD-denominated revenue, and (2) a 9% upward revision to our 2026–2030F M&amp;C backlog assumption, reflecting the inclusion of Hai Su Vang, for which we assume a potential M&amp;C backlog contribution of ~USD500mn.We forecast 2026F reported NPAT-MI to grow 17% YoY, mainly driven by a 34% YoY increase in M&amp;C gross profit, supported by a 17% YoY rise in revenue from Block B’s peaking progress, GPM expanding to 2.0% (+0.2 ppts YoY), and higher O&amp;M gross profit. 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 [BUY +22.0%] - Higher Backlog, Foreign Exchange Gains to Support Growth

<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><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>

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

Thematic (Sector/Industry)

<ul><li>Credit growth in 2025 reached ~15.3%, broadly in line with our forecast.</li><li>For 2026, we revise our credit growth assumption down to slightly above 13.5% YoY (–0.3%p vs. the previous forecast), reflecting a more cautious stance amid tighter capital headroom (lower CAR) and an elevated LDR in FY25.</li><li>Following these revisions: (1) NII is projected to grow 17.3% YoY (+2.1% vs. prior forecast), driven by a 9bps NIM expansion (+3bps vs. previous estimate), supported by solid mortgage growth (FY25: +20.2% YoY) and continued expansion in personal lending (FY25/26F: +17.3%/+14.3% YoY); (2) non-interest income is revised down by 8.5% vs. the prior forecast but still expected to grow 10.7% YoY; (3) other operating income is adjusted up by 19.4% vs. the previous projection, reflecting a stronger-than-expected recovery and sizable write-offs in 2025 (+36% YoY), which improve the earnings base; and (4) provisioning expenses are revised up materially (+57% vs. prior forecast), as additional provisions may be required for HTM securities, particularly corporate bonds. </li></ul><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>

Credit growth in 2025 reached ~15.3%, broadly in line with our forecast.For 2026, we revise our credit growth assumption down to slightly above 13.5% YoY (–0.3%p vs. the previous forecast), reflecting a more cautious stance amid tighter capital headroom (lower CAR) and an elevated LDR in FY25.Following these revisions: (1) NII is projected to grow 17.3% YoY (+2.1% vs. prior forecast), driven by a 9bps NIM expansion (+3bps vs. previous estimate), supported by solid mortgage growth (FY25: +20.2% YoY) and continued expansion in personal lending (FY25/26F: +17.3%/+14.3% YoY); (2) non-interest income is revised down by 8.5% vs. the prior forecast but still expected to grow 10.7% YoY; (3) other operating income is adjusted up by 19.4% vs. the previous projection, reflecting a stronger-than-expected recovery and sizable write-offs in 2025 (+36% YoY), which improve the earnings base; and (4) provisioning expenses are revised up materially (+57% vs. prior forecast), as additional provisions may be required for HTM securities, particularly corporate bonds. 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)_April 2026

Vietnam

PetroVietnam Technical Services Corporation provides technical services for the oil and gas, energy, and industrial sectors, including EPCIC for offshore facilities, FSO/FPSO services, and offshore supply vessels. The company also offers geological surveys, installation, operation, and maintenance of offshore facilities, and port and supply base services. Headquartered in Ho Chi Minh City, Vietnam, the company was founded in 1976.

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PetroVietnam Technical Services (PVS VN)

PetroVietnam Technical Services Corporation (PVS VN Equity/Hold) - Update - A golden turn

Please change this text!PVS reported its 2025 results with revenue reaching an all-time high of VND32,556bn (+37% YoY) and net profit of VND1,821bn...

Mirae Asset Securities

PVS [BUY +23.6%] - M&C Margin to Further Increase, Boosting 3-Yr Profit CAGR

Our higher NPAT-MI forecast is driven by (1) a 52 bps higher M&C gross profit margin for the 2026-2030 period, (2) a higher profit forecast for...

Vietcap

PVS [BUY +22.0%] - Higher Backlog, Foreign Exchange Gains to Support Growth

We raise our target price (TP) for PVS by 15% to VND48,300/share and reiterate a BUY rating, reflecting a 12% increase in our aggregate 2026–2030F...

Vietcap

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

Stock recommendations (Vietnam Market)_April 2026

For 2026, we revise our credit growth assumption down to slightly above 13.5% YoY (–0.3%p vs. the previous forecast), reflecting a more cautious...

Mirae Asset Securities

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