X-Point | PVS 52,300 +36%: Investor Meeting 2026 — 5M/2026 Business Results & 2026–2030 Strategy

EVENT HIGHLIGHTS

BSC maintains its BUY recommendation on PVS with a 2026F target price of VND 52,300/share, implying an upside of 36% versus the closing price on June 8, 2026. Please refer to our latest report here. Growth drivers include: (1) Short term: earnings are expected to be concentrated in 2H2026, while backlog expansion is supported by Block B, Ca Voi Xanh, and policy easing in Taiwan; and (2) Long term (2028+): major capex, including the Goliath gantry crane and automation, together with the M&A strategy, will lift capacity to USD 2 billion, reinforcing the revenue target of VND 60,000 billion. We note risks from delays in FID approval for wind power projects and low-margin pressure from the onshore construction segment.

BUSINESS RESULTS AND FINANCIAL PLAN — 5M/2026 UPDATE

5M/2026 results: Consolidated revenue reached VND 13,515 billion, completing 41% of the full-year plan. Consolidated PBT and NPAT reached VND 688 billion and VND 563 billion, completing 54% and 57% of the full-year plan, respectively.

2026 PLAN & 2030 VISION

• 2026 plan: Target revenue of VND 33,000 billion, with a minimum plan of VND 23,000 billion; conservative PBT target of VND 1,070 billion.
• 2030 vision: Revenue of VND 60,000 billion, equivalent to a CAGR of 15% per year; ROA above 4%; dividend payout of 7%–10%.

Other notable updates: Progress update on key projects and backlog; investment and fundraising strategy (pages 1 & 2).