PVD – Earnings Review – [BUY] – 3Q25: Robust growth as expected

3Q25 revenue upped 5.4% yoy to VND2.57tn (110% KIS forecast), with gross profit (GP) growing 36% yoy to VND609bn (114% KIS forecast). Gross margin (GPM) saw a solid recovery to 23.7% (+5.3%p yoy, +2.4%p qoq). The solid growth sourced from the robust exploration and production (E&P) activities in Vietnam and Southeast Asia, that created high backlog with favorable pricing. NPAT surged 54% yoy to VND277bn, even though SG&A grew 21% yoy.