PVD – Earnings Review – [BUY] – 2Q25: Recovery comes early

2Q25 revenue upped 8% yoy to VND2.4tn, with gross profit (GP) growing 11% yoy to VND520bn. Gross margin (GPM) saw a solid recovery to 21.4% (+3.4%p qoq, +0.2%p yoy). 2Q25 NPAT surged 89% yoy to VND250bn, while adjusted NPAT grow by a solid 54% yoy. Per our estimates, the average drilling day rate of PVD’s five owned rigs in 2Q25E rebounded to around USD92,000, returning to the level seen in 9M24 before the day rate downturn that began in 4Q24.