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 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><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 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