PC1 – Update – Poised for the next phase of investment

Posted:19/02/2025

  • 4Q24 NP surged 85% yoy, supported by improvements in core business segments such as power, ore sales, and construction, despite significant forex losses. Thus, 2024 NP increased 11 times, reaching VND460bn, inline with our forecast.
  • 2025-26 NP is expected to grow at 67% and 25% yoy, respectively, driven primarily by industrial real estate, residential projects, and power construction.
  • Reiterate ADD with unchanged TP of VND29,200/share.
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