PVS – Earnings Review – [BUY] – 2Q25: Full steam ahead

PVS’s 2Q25 revenue continue to witness a solid growth of 33% yoy (+28% qoq) to VND7.38tn, which fulfilled 91% of our 2Q25 forecast. 2Q25 gross profit was recorded at VND441bn, growing by a staggering 84% yoy. As a result, 2Q25 NPAT rose by 53% yoy, to VND319bn (+7% qoq, fulfilling 110% of our 2Q25 forecast.