PVS – Earnings Review – [BUY] – 1Q25: Full steam ahead

PVS’s 1Q25 revenue grew sharply by 62% yoy (-38% qoq) to VND6.01tn, fulfilled 92% of our 1Q25 forecast and fulfilled 17.6% of our full-year forecast. Yet, 1Q25 NPAT slightly retreated by 2% yoy, to VND300bn (-57% qoq, fulfilling 80% of 1Q25 forecast and 20% of 2025F forecast). In 2Q25F, we project PVS’s revenue to post strong double-digit growth (25-45% yoy), supported by a sizable backlog from Block B that was granted full LOA. We also expect better NPAT growth rate of 10-35% yoy as we expect better M&C GPM.