External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Petrovietnam Transportation Co / Equity Bottom-Up

<ul><li>We raise our target price (TP) for PVT by 7% to VND21,200/share and maintain our OUTPERFORM rating.</li><li>The higher TP is mainly driven by our 4% higher aggregate 2025-2029F NPAT-MI forecast (respective changes of +2%/+3%/+5%/+4%/+4% for 2025/26/27/28/29F).</li><li>The higher aggregate NPAT-MI reflects the H1 2025 results, driven by (1) higher-thanexpected gross profit from crude oil transportation and (2) higher-than-expected gross profit from LPG transportation, which outweigh (3) lower-than-expected gross profit from oil product/chemical transportation and (4) lower-than-expected gross profit from dry bulk transportation in H1 2025.</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 PVT by 7% to VND21,200/share and maintain our OUTPERFORM rating.The higher TP is mainly driven by our 4% higher aggregate 2025-2029F NPAT-MI forecast (respective changes of +2%/+3%/+5%/+4%/+4% for 2025/26/27/28/29F).The higher aggregate NPAT-MI reflects the H1 2025 results, driven by (1) higher-thanexpected gross profit from crude oil transportation and (2) higher-than-expected gross profit from LPG transportation, which outweigh (3) lower-than-expected gross profit from oil product/chemical transportation and (4) lower-than-expected gross profit from dry bulk transportation in H1 2025.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 Transportation (PVT)- Improved Tanker Market to Support Earnings Recovery