PVTrans (HOSE: PVT) | Q1 2026 Update, BUY– 1Y Upside +21.5%

PVT Enters New Growth Phase Backed By VLCC, VLGC Ambitions And Elevated Time Charter Rates

PVT delivered strong Q1 2026 results, with consolidated revenue reaching VND 4,177bn (+49.7% YoY, -6.0% QoQ, completing 25.3% management guidance, 24.1% of our forecast) and NPAT of VND 387bn (+39.9% YoY, +12.6% QoQ, completing 32.3% management guidance, 24.2% of our forecast).

Transportation services remained the key growth driver in Q1 2026, with revenue rising 25.5% YoY to VND 2,798bn and gross profit increasing 30.8% YoY to VND 549bn, and GPM of 19.6% (vs 18.8% Q1 2025). Despite softer QoQ margins due to elevated fuel and insurance costs, profitability remained resilient thanks to favorable long-term TC contracts and stronger tanker freight rates across Aframax, MR and Handysize segments.

Trading segment continued to scale up meaningfully, with revenue surging 317.9% YoY to VND 1,159bn as PVT further optimized its integrated liquid cargo supply chain and expanded petroleum and chemical trading activities.

FSO/FPSO remained relatively muted due to declining domestic crude oil output and the lack of new operating projects, as major developments such as the Block B FSO are only expected to commence operations from late 2027 onward.

At the 2026 AGM, management planned to continue modernization and capacity growth, including plans to invest over VND 3.5tn in 2026 for additional 3–5 vessels. Management also disclosed that PVT is negotiating a long-term transportation contract with Nghi Son Refinery, which could potentially lead to the company’s first VLCC investment and mark an expansion into larger-scale crude transportation. Despite the ongoing expansion strategy, FY2026 guidance remained relatively conservative at VND 16,500bn revenue (+2.8% YoY) and VND 1,200bn NPAT (-9.8% YoY), reflecting management’s cautious view on rising vessel supply and intensifying competition across several shipping segments. Shareholders also approved a 10% stock dividend, which will increase charter capital from VND 4,699bn to VND 5,169bn once completion.

We raise our FY2026 forecast, with revenue forecast to VND 17,338bn (+8.0% YoY, +11.5% vs. previous forecast) and NPAT-MI forecast to VND 1,319bn (+27.0% YoY, +17.8% vs. previous forecast), mainly reflecting stronger fleet expansion assumptions, higher-than-expected tanker charter rates, and a larger contribution from trading activities.

Based on the new forecast, we adjusted FY2026 Target price to VND 28,500/share. PVT share price has increased 12.2% since our latest Q4 2025 updates published on Feb 05, 2026. We maintain a BUY recommendation on PVT with a potential upside of 21.5% from the closing price of VND 25,300/share as of 18 May 2026.