PVS
30
October
PVS – Earnings Review – [BUY] – 3Q25: Profit growth in line with expectations
∙ 3Q25 revenue grew by 99% yoy, and NPAT grew 73% yoy ∙ Net financial gains drove 3Q25 NPAT growth ∙ 4Q25F: Staying busy, with triple-digit NPAT growth expected
01
August
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,...
04
July
Oil & Gas – In-depth – [NEUTRAL] – 2H25 Outlook: Tailwinds at home, headwinds abroad
Natural gas: Natural gas (include LNG) is expected to grow by 11% in 2H25F mainly thanks to the commercial operations of Nhon Trach 3 (from Sept) and Nhon Trach 4...
13
May
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...
09
April
Oil & Gas sector – Preview – [NEUTRAL] – 1Q25F Preview: Not All Smooth Sailing
Block B – O Mon is poised to become more active than ever, driven by the issuance of full LOAs for the EPCI packages, with PVS positioned as the key...
05
February
PVS – Brief – [NONRATED] – 4Q24: One-off income boosted earnings
4Q24 revenue grew to VND9.78tn (+45% yoy) thanks to boosted M&C segment (VND7.21tn, +77% yoy, +199% qoq). NPAT/NPAT-MI surged to VND705bn/VND551bn, respectively grew by 140%/92% yoy.
13
November
PVS – Brief – [NONRATED] – FX loss pressured earnings
3Q24 revenue grew to VND4.82tn (+15% yoy) thanks to the top-line growth from almost all segments. Company gross profit rose 85% yoy with gross margin expanded by 2.6%p, to 6.9%....
Featured Analysis
Market commentary: Market reversal
Derivatives: Upward momentum slows
Market commentary: Divergent movements
Outlook 2026: Pressure Makes Diamonds
SBV returns to net withdrawal as interbank liquidity cools
Derivatives: Tests October 2025 peak
Market commentary: Sustained demand
