Petrosetco Vietnam (HOSE: PET) | Q1 2026 Update, HOLD – 1Y Downside -8.2%

Robust Q1 2026 Performance, Limited Upside After Recent Surge

PET reported In Q1 2026 revenue of VND 6,129bn (+52.6% YoY, -19.3% QoQ) and NPAT of VND 101bn (+125.5% YoY, -1.9% QoQ). Earnings growth outpaced revenue, driven by gross margin expansion to 5.9% (+1.1% YoY, +1.15% QoQ), thanks to effective monetization of low-cost laptop inventory in the ICT segment. 

For FY2026, PET targets revenue of VND 23,000bn (+5.4% YoY) and NPAT of VND 318bn (+5.6% YoY, -9.1% YoY if excluding one-off gains from securities investments recorded in 2025). As of end-Q1 2026, the company has achieved 26.6% of its full-year revenue target and 25.4% of its profit target, indicating solid progress against its annual plan.

We raise our 2026 target price to VND 42,500/share (from VND 36,800) based on a P/E multiples of 12.0x for core business. However, PET’s share price has already increased 53.3% since our last report on 4 Nov 2025, to VND 46,300/share as of 4 May 2026. At current market price, it implies a downside of 8.2% from our new target price. Accordingly, we downgrade our recommendation from BUY to HOLD.