External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

PetroVietnam Technical Services / Equity Bottom-Up

<ul><li>We raise our target price (TP) for PVS by 20% to VND58,100/share and maintain a BUY rating.</li><li>This reflects a 19.6% increase in our aggregate 2026–2030F NPAT-MI forecast (changes of +18%/+22%/+22%/+20%/+16% for 2026–30F, respectively).</li><li>Our higher NPAT-MI forecast is driven by (1) a 52 bps higher M&amp;C gross profit margin for the 2026-2030 period, (2) a higher profit forecast for FPSO Lam Son, and (3) a lower MI forecast. </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 20% to VND58,100/share and maintain a BUY rating.This reflects a 19.6% increase in our aggregate 2026–2030F NPAT-MI forecast (changes of +18%/+22%/+22%/+20%/+16% for 2026–30F, respectively).Our higher NPAT-MI forecast is driven by (1) a 52 bps higher M&amp;C gross profit margin for the 2026-2030 period, (2) a higher profit forecast for FPSO Lam Son, and (3) a lower MI forecast. 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.

PVS [BUY +23.6%] - M&C Margin to Further Increase, Boosting 3-Yr Profit CAGR