PVT – Update – Fleet Expansion, Awaiting the Next Breakthrough
Posted: Nov 11, 2025
- PVT reported net profit of VND 349 billion in Q3/2025 (-33.1% YoY), as gross margin contracted by 8.3 ppts YoY. For 9M2025, net profit reached VND 772 billion (-12.7% YoY), fulfilling 66.2% of our full-year forecast.
- We expect net profit in 2025–2027 to reach VND 1,119 billion, VND 1,220 billion, and VND 1,225 billion (+2.4% / +8.9% / +0.4% YoY, respectively), mainly driven by fleet expansion, which should help offset a potential softening in freight rates.
- We maintain an ADD rating with a target price of VND 22,000 per share.
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