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External broker reports(aggregated public sources)

Equity Bottom-Up

Petrovietnam Technical Servi / Equity Bottom-Up

<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