The PAN Group (HOSE: PAN) | Q1 2026 Update, HOLD – 1Y Upside +7.2%

Agriculture And Aquaculture Segments Lead Q1 2026 Earnings Recovery

PAN reported Q1 2026 revenue of VND 3,767bn (-8.5% YoY), mainly dragged by weaker seafood exports. Meanwhile, NPAT-MI surged 441.7% YoY to VND 585bn, primarily driven by the divestment gain from Bibica (BBC) of VND 463bn. Excluding this extraordinary income, core NPAT-MI increased 12.6% YoY to VND 122bn, drvien by the seafood. Following Q1 2026 results, PAN completed 23.2% and 16.6% of our FY2026 revenue and core NPAT-MI forecasts, respectively.

On March 26, 2026, PAN completed the full divestment of its stake in BBC for total proceeds of VND 2,628bn (~USD 103mn), broadly in line with our expectations. The proceeds included VND 1,748bn from share transfers, VND 660bn in dividends, and VND 220bn from the transfer of two real estate assets previously acquired from BBC, including land plots in Da Nang and Giang Dien (Dong Nai).

We revised our FY2026 forecast for PAN, projecting revenue of VND 17,302bn (-1.6% YoY, +6.5% vs. our previous forecast), mainly due to the de-consolidation of BBC after Q1 2026, while NPAT-MI is expected to reach VND 1,713bn (+47.1% YoY, -37.6% vs. our previous forecast) and core NPAT-MI at VND 719bn (+6.9% YoY, -1.4% vs. our previous forecast). 

We maintain our FY2026 target price at VND 35,000/share. Since we released our initiation report, PAN’s share price increased by 22.5%, from VND 26,650/share on 19 Jun 2025 to VND 32,650/share on May 22, 2026. Following the recent share price surge, we downgrade PAN from BUY to HOLD, implying a potential upside of 7.2% from the current price of VND 32,650/share as of May 22, 2026.