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 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><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 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