External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

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><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 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