Petrosetco (HOSE: PET) | Q2 2025 Update, HOLD – 1Y Upside +2.8%

Market Confidence Bolstered By Restructuring Initiatives And Clear Strategic Direction

H1 2025 performance softened slightly due to seasonality but is expected to rebound strongly in H2 2025. In H1 2025, PET recorded net revenue of VND 8,738bn, down slightly by 0.6% YoY, while net profit (NPAT) grew 18.1% YoY to VND 99bn. This profit growth was driven by improved gross margins following the transition in Samsung product distribution models, and a significant contribution from financial income.

We revise our 12-month Target price of VND 36,800/share, up 31.4% from our previous target of VND 28,000/share. Since we initiated a BUY on PET on May 08, 2025, PET share price has increased 72.1% from VND 20,800/share to VND 35,800/share on August 11, 2025. We change our recommendation for PET from BUY to HOLD, with a potential upside of 2.8% from the closing price of VND 35,800/share as of August 11, 2025.