PC1 Group (HOSE: PC1) | Q2 2025 Update, HOLD – 1Y Upside +6.9%

In H1 2025, PC1 recorded total revenue of VND 4,795bn (-9.3% YoY) and PBT of VND 356bn (-5.8% YoY), with NPAT-MI reaching VND 193.6bn (-19.2% YoY). Q2 2025 revenue came in at VND 2,934bn (-6.6% YoY) and NPAT-MI at VND 138.3bn (-13.0% YoY), impacted by lower gross margins compared to the same period last year. As of end-H1, revenue and NPAT achieved 35.8% and 36.6% of the company’s FY2025 guidance.

H1 2025 Financial Performance:

o   Revenue: VND 4,795bn (-9.3% YoY)

o   NPAT-MI: VND 193.6bn (-19.2% YoY)

By segment, energy remained the largest profit driver on strong hydropower and wind output. Industrial park operation revenue rose 9.5% YoY on Phase 1 of the Japan–Hai Phong project, though margins softened. The Thap Vang real estate project is set to boost H2, while mining margins improved despite a 47% YoY drop in ore sales from lower nickel content. While H1 performance was mixed, PC1 is positioned for a stronger second half, underpinned by the Thap Vang project, improved ore sales, and continued energy sector strength.

Since our inititation call on  April 1, 2025, the stock has risen 19.5%; we revise our rating from BUY to HOLD with a 12-month target price of VND 28,850/share, implying a +6.9% upside from the August 11, 2025 closing price of VND 27,000/share.