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 4% to VND22,100/share and upgrade our rating to BUY from OUTPERFORM.</li><li>Our higher TP is mainly driven by our 2% higher aggregate 2025-2029F NPAT-MI forecast (respective changes of 0%/+3%/+3%/+2%/+1% for 2025/26/27/28/29F), and the positive impact of rolling our TP horizon forward to end-2026.</li><li>The higher aggregate NPAT-MI primarily driven by the incremental contribution from a newly acquired oil product/chemical tanker in October 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 4% to VND22,100/share and upgrade our rating to BUY from OUTPERFORM.Our higher TP is mainly driven by our 2% higher aggregate 2025-2029F NPAT-MI forecast (respective changes of 0%/+3%/+3%/+2%/+1% for 2025/26/27/28/29F), and the positive impact of rolling our TP horizon forward to end-2026.The higher aggregate NPAT-MI primarily driven by the incremental contribution from a newly acquired oil product/chemical tanker in October 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.

PVT [BUY +22.8%] - Improving Tanker Demand to Drive 2026 Earnings Recovery