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External broker reports(aggregated public sources)

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Equity Bottom-Up

Petrovietnam Transportation Co / Equity Bottom-Up

<ul><li>Using a combination of the DCF and EV/EBITDA methods, we determine the fair value of PVT shares for the next 12 months at VND20,300/share, expected return of 15% (as of November 07,2025).</li><li>Toward the end of 2025, we expect PVT’s earnings to gradually stabilize after a weak 1H pressured by declining freight rates.</li><li>Notably, international rates have bottomed out and showed early signs of recovery in Q3/2025, which should support margin improvement. </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>

Using a combination of the DCF and EV/EBITDA methods, we determine the fair value of PVT shares for the next 12 months at VND20,300/share, expected return of 15% (as of November 07,2025).Toward the end of 2025, we expect PVT’s earnings to gradually stabilize after a weak 1H pressured by declining freight rates.Notably, international rates have bottomed out and showed early signs of recovery in Q3/2025, which should support margin improvement. 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 - Contribution of New Vessels as Growth Driver in 2025