PVTrans (HOSE: PVT) | 2Q26 Update, BUY – Upside +40.9%

Earnings Are Backed by Rising TC Rates

PVT 2Q26 Performance

PVT reported strong 2Q26 results, with revenue rising to VND 5,714bn (+32.5% YoY, +36.8% QoQ), while NPAT-MI increased 87.5% YoY and 73.4% QoQ to VND 553bn. For 1H26, revenue and NPAT reached VND 9,892bn (+39.3% YoY) and VND 1,066bn (+67.3% YoY), respectively, equivalent to 61%/89% of management's FY26 guidance and 57.6%/66.1% of our full-year forecasts.

Bottom-line growth continued to outpace top-line growth, supported by a 60.6% YoY increase in gross profit to VND 957bn, a 6.6% reduction in SG&A expenses to VND 114bn, and higher financial income of VND 92bn (+9.5% YoY). Consequently, operating profit increased 78.1% YoY to VND 844bn, while PBT rose 91.3% YoY to VND 834bn.

Operating metrics remained strong. Average time-charter rates increased by an unweighted average of 26.7% YoY across nine vessel classes, with Aframax tankers recording the largest increase of 76.4%. Accordingly, the gross margin expanded to 16.7% in 2Q26 from 13.8% in 2Q25 and 14.7% in 1Q26.

Operational momentum remained intact in 1H26. The addition of seven vessels expanded PVT’s fleet capacity and revenue-generating base, while stronger time-charter rates supported improved vessel economics. Other income also increased 304.8% YoY to VND 85bn, contributing to stronger earnings, although the main driver remained the core transportation business. The 1H26 gross margin improved to 15.9% from 15.3% in 1H25, while the net margin expanded to 10.8% from 9.0%.

Earnings Forecast

We maintain our FY26E forecasts for revenue at VND 17.3tn (+8.0% YoY) and NPAT-MI of VND 1,319bn (+27.0% YoY), respectively.

For FY27E/FY28E, we forecast revenue of VND 17.9tbn (+3.2% YoY) and VND 19.8tn (+10.6% YoY), while NPAT-MI is projected at VND 1,356bn (+2.8% YoY) and VND 1,525bn (+12.5% YoY), respectively.

Target Price and Rating

We adjusted our TP from VND 28,500/share to VND 26,200/share, primarily reflecting PVT's 10% stock dividend in June 2026 while maintain our assumptions. PVT closed at VND 18,600/share on 03 August 2026, representing a potential upside of 40.9% compared to our TP. Therefore, we maintain a BUY rating for PVT.