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 lower our target price (TP) for PVT by 6% to VND35,200/share but re-iterate a BUY rating.</li><li>Our lower TP is driven by our 6% lower aggregate 2025-2029F NPAT-MI forecast (respective changes of -3%/-9%/-6%/-7%/-5% for 2025/26/27/28/29F).</li><li>We lower our aggregate NPAT-MI forecast due to reduced tanker rate assumptions for crude oil (-2%) and oil products/chemicals (-1%) in 2025-2026, reflecting weaker-than-expected Q4 2024 rates and 2026 prospects (page 13), offset by adding two dry bulk carriers.</li></ul>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.

We lower our target price (TP) for PVT by 6% to VND35,200/share but re-iterate a BUY rating.Our lower TP is driven by our 6% lower aggregate 2025-2029F NPAT-MI forecast (respective changes of -3%/-9%/-6%/-7%/-5% for 2025/26/27/28/29F).We lower our aggregate NPAT-MI forecast due to reduced tanker rate assumptions for crude oil (-2%) and oil products/chemicals (-1%) in 2025-2026, reflecting weaker-than-expected Q4 2024 rates and 2026 prospects (page 13), offset by adding two dry bulk carriers.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 +38.7%] - 30% YoY DWT Fleet Expansion in 2024 to Boost 2025 Earnings