PVB – Brief – [NONRATED] – 1Q25: Time to roll up the sleeves

PVB’s revenue stood at VND106bn in 1Q25 (-14% yoy, +87% qoq), notably higher than the 5-year average quarterly revenue of VND69bn. Gross profit came in at VND12.6bn (-63% yoy), translating to a gross margin of 11.9%. NPAT reached VND4.0bn (-80% yoy), marking a return to positive territory from a loss of -VND5.8bn in 4Q24. Based on backlog potentials, we estimate 2025F revenue growth rate to be 100-240% yoy. 2025F NPAT could accordingly grow by triple digits.