PAN Group (HOSE: PAN) | Q2 2025 Update, ADD – 1Y Upside +3.0%

A potential divestment may take place in H2 2025

PAN delivered a solid growth in H1 2025 with FMC stood out as a key revenue growth driver, up 43.0% YoY thanks to frontloading export activities to the U.S. ahead of anticipated tariff implementations. Revenue from FMC accounted for 47% of PAN's total revenue.

We maintain our 12-month Target price of VND 35,000/share, with a potential upside of 3.0% from the closing price of VND VND 34,000/share on Jul 31,2025. Since we initiated a BUY on PAN on Jun 19, 2025, PAN share price has increased 27.6% from VND 26,650/share to VND 34,000/share on Jul 31, 2025. 

Please note that in case PAN can divest BBC in H2 2025, potentially upside could be 20.3%. Thus, we keep PAN as an ADD (adjusted from BUY).