X-Stock | PVT VND 27,800 +20%: Q1/2026 Earnings and 2026 AGM Update

EARNINGS UPDATE

Q1/2026 results: Net revenue reached VND 4,177 billion (+50% YoY), while NPAT-MI reached VND 319 billion (+48% YoY). Key highlights include:

• Revenue recorded positive growth, mainly driven by: (1) the maritime transportation segment, which grew by 26% YoY, reflecting the full contribution from newly invested vessels in 2025; and (2) the trading segment, which surged by 318% YoY and continued to be expanded.
• Gross margin declined from 17.7% to 14.7% (-3.0 ppts), as the trading segment accounted for 28% of revenue but contributed only 0.6% of gross profit. In contrast, gross margin of the core transportation segment improved to 19.6% (+0.8 ppts), supported by a recovery in time-charter rates across crude oil, product tanker, chemical tanker segments, while the dry bulk segment turned profitable.
• SG&A expenses increased by 26% YoY due to fleet expansion, which led to higher personnel expenses for operations, technical management, and outsourced services. However, SG&A/net revenue declined by 0.5 ppts, supported by strong revenue growth, particularly from the trading segment. In addition, financial income and other profit increased by 32% and 538% YoY, respectively, supporting earnings thanks to bank deposit interest income, FX gains, and insurance compensation for vessels affected in the Strait of Hormuz.

BSC’S ASSESSMENT

Despite complex developments from the conflict in the Middle East, PVT’s Q1/2026 earnings were broadly in line with BSC’s expectations, as net revenue and NPAT-MI completed 25% and 24% of our full-year forecasts, respectively.

Overall, BSC believes Q1/2026 results reflected the effectiveness of PVT’s fleet expansion in the previous period, while also showing that the company is benefiting from improved freight rates across its key transportation segments. Specifically: (1) PVT’s earnings base was low in Q1/2025, when freight rates in key segments such as product tankers, chemical tankers, and dry bulk vessels declined sharply; (2) newly invested vessels in 2025 were mainly allocated in 2H2025, enabling the company to secure time-charter contracts as freight rates had bottomed out and started to recover; and (3) disruptions in the Strait of Hormuz drove a sharp increase in VLCC freight rates, creating a spillover effect on smaller vessel segments.