Company Overview

PC1 Group Joint Stock Company (PC1) was established on March 2, 1963. Initially focused on the core mission of constructing national power transmission projects, PC1 has since expanded into industrial production, energy investment, real estate investment, consulting, and services. On November 16, 2016, PC1 shares were officially listed and began trading on the Ho Chi Minh Stock Exchange (HOSE)..

Financial Performance

From 2019 to 2024, PC1's revenue grew at a CAGR of 11.5% per annum (p.a.). In 2024, the company recorded revenue of VND 10,078 bn, up 31% from the 2023 low base. This robust growth was primarily driven by the expansion of the electrical construction segment, the stable operation of the mineral segment, and the recovery in hydropower output.

Key Investment Rationales

• Public investment driving power infrastructure development.
• Construction revenue to benefit from evn’s strong investment plans.
• Strong backlog ensuring medium-term growth.
• Sustainable growth from epc contracting and energy investment.
• Explosive revenue growth from industrial parks and mining starting in 2028.
• Clear strategic direction, capitalizing on key industry trends.
  

We apply four valuation methods: DCF (20%), P/E (40%), SOTP (20%), and P/B (20%) to evaluate PC1 share value and inititate a BUY recommendation with a 12M Target price of VND 28,861/share, representing an upside potential of 17.7% compared to the closing price of VND 22,600 as of March 31, 2025.