External broker reports(aggregated public sources), Vietcap

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Power Construction JSC / Equity Bottom-Up

<ul><li>We maintain our target price (TP) for PC1 at VND31,100/share but upgrade our rating to BUY from OUTPERFORM as its share price has decreased 8% over the past three months.</li><li>Our unchanged TP is driven by our 3.7% lower aggregate 2025-29F NPAT-MI projection, which is offset by the positive impact from rolling our TP to end-2026.</li><li>Our lower aggregate 2025-29F NPAT-MI forecast (respective changes of +26%/-7%/-5%/- 9%/-3%) is driven by (1) 18% lower aggregate wind NPAT-MI (delaying 300 MW capacity expansion by one year), and (2) 8% lower income from associates (losses from Cao Bang Steel and amortization expenses outweigh higher earnings from Western Pacific). These factors outweigh (3) 14% higher aggregate nickel earnings.</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 maintain our target price (TP) for PC1 at VND31,100/share but upgrade our rating to BUY from OUTPERFORM as its share price has decreased 8% over the past three months.Our unchanged TP is driven by our 3.7% lower aggregate 2025-29F NPAT-MI projection, which is offset by the positive impact from rolling our TP to end-2026.Our lower aggregate 2025-29F NPAT-MI forecast (respective changes of +26%/-7%/-5%/- 9%/-3%) is driven by (1) 18% lower aggregate wind NPAT-MI (delaying 300 MW capacity expansion by one year), and (2) 8% lower income from associates (losses from Cao Bang Steel and amortization expenses outweigh higher earnings from Western Pacific). These factors outweigh (3) 14% higher aggregate nickel earnings.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 [BUY +28.8%] - Power Construction Recovery Gaining Strong Momentum

<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

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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

Vietnam

Power Construction Joint Stock Company No 1 provides power grid project construction services. The Company constructs power operation systems and transmission networks. Power Construction serves customers in Vietnam.

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Power Construction JSC (PC1 VN)

PC1 [BUY +28.8%] - Power Construction Recovery Gaining Strong Momentum

We maintain our target price (TP) for PC1 at VND31,100/share but upgrade our rating to BUY from OUTPERFORM as its share price has decreased 8% over...

Vietcap

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

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