X-Stock_TV2 41,700 +11% Business Update Q4 2025

Q4/2025 results: Revenue reached VND537bn (+21% YoY, +111% QoQ), while NPAT-MI reached VND49bn (+78% YoY, +276% QoQ).

Full-year 2025 results: Revenue reached VND1,306bn (-2% YoY), while NPAT-MI reached VND95bn (+26% YoY).

Q4/2025 EARNINGS ANALYSIS

• Revenue growth was mainly driven by the consulting, EPC, and O&M segments. However, this revenue level remained relatively low compared with normal levels, as there were no major outstanding projects.
• Other extraordinary income reached VND22bn, six times higher than the same period last year.

BSC’S ASSESSMENT: Full-year 2025 revenue and NPAT-MI completed 112% and 123% of BSC’s forecasts, respectively, mainly because the company recorded extraordinary other income of around VND22bn in Q4. However, we are more focused on the 2026 outlook, as the power sector lacked new projects during 2024–2025.

2026–2027 BUSINESS OUTLOOK UPDATE

Compared with our previous report, we believe the 2026–2027 business outlook remains unchanged, with revenue recognition from the EPC package of the O Mon 4 Thermal Power Plant project being the key highlight.

• Design consulting segment: The estimated workload for 2026 is VND8,100bn, six times higher than in 2025, as the company and its consortium won the EPC package for the O Mon 4 Thermal Power Plant project. The project officially broke ground on August 19, 2025, and is expected to start recognizing revenue from 2H2026 through 2029, at around VND1,100bn per year, contributing around VND94bn in gross profit per year.
• O&M segment:The Monsoon Laos wind power project, with a capacity of 600 MW, is expected to add around VND65bn in annual revenue.

2026 FORECAST: Revenue and NPAT-MI are projected to reach VND3,489bn (+199% YoY) and VND185bn (+98% YoY), respectively, unchanged from our previous report.

BSC RECOMMENDATION

TV2’s share price has increased by 4% since BSC’s latest report, and we revise our recommendation from BUY to HOLD, with a 2026 target price of VND41,700/share, implying an upside of 8% based on the reference price as of February 5, 2026, using the sum-of-the-parts valuation method. TV2 is currently trading at a 2026 forward EV/EBITDA of 11.5x, compared with its six-year average of 13.1x.