X-Stock | PVT 26,900 +35%: Profit Boom

BUSINESS RESULTS UPDATE

1. Q2/2025 results: Net revenue = VND 5,714 billion (+32% YoY), NPAT-MI = VND 553 billion (+88% YoY). Of which:

• Positive revenue growth mainly came from (1) the shipping segment +30% YoY, reflecting the full-year contribution of 7 newly invested vessels in 2025; and (2) the trading segment +36% YoY, which continued to be pushed despite contributing only 0.7% of gross profit.
• Gross margin increased from 13.8% to 16.8% (+3.0 ppt), led by the core shipping segment (20.6% → 28.4%) as PVT renewed time-charter contracts at higher rate levels amid the complex developments of the Middle East conflict. In contrast, the floating storage segment declined, with gross profit -41% YoY and margin falling from 55.2% to 34.1%.
• SG&A expenses fell -7% YoY and the SG&A/revenue ratio decreased -0.8 ppt thanks to good operating cost control.

2. 6M/2026 cumulative: Net revenue VND 9,892 billion (+39% YoY), NPAT-MI VND 871 billion (+71% YoY)
3. Other information

• PVT received 2 new LPG vessels in April–May 2026, including the Avenir Gas vessel (direct investment) and the Morning Diana vessel (bareboat charter), raising the total owned and managed fleet to 67 vessels with a total tonnage of nearly 2.1 million DWT.
• Around 10 vessels are expected to undergo scheduled maintenance and repair docking.

BSC'S ASSESSMENT
6M/2026 results completed 54% of BSC's 2026F revenue forecast and 61% of the 2026F NPAT-MI forecast. Profit exceeded expectations mainly because PVT renewed more vessel contracts at better-than-initially-estimated rates, concentrated in the crude oil and refined oil tanker segments. Based on our observations, the time-charter rates PVT is currently renewing in these two segments stand at USD 45,000/day and USD 24,000/day, higher than the market average in 2025. As a result, Q2 shipping segment margin reached 28%, significantly higher than the forecast 24%.