PC1 Group (HOSE: PC1) | Q3 2025 Update, BUY – FW2025 Upside +16.6%

Strong Q3 Performance Supported By Solid Core Operation, Lifted 9M2025 Results

PC1 delivered a strong rebound in Q3 2025, offsetting a soft first half. Revenue reached VND 3,278bn (+46.9% YoY, +11.7% QoQ) and NPAT-MI surged 88.5% YoY to VND 394bn, driven by margin expansion in the electrical construction segment (GPM up from 4.4% to 9.2%) and improved performance in energy and nickel mining.

For 9M2025, PC1 recorded revenue of VND 8,073bn (+7.1% YoY) and NPAT-MI of VND 498bn (+24.8% YoY), fulfilling 62%–65% of our FY2025 forecasts. The electrical construction business remained the main growth driver, while energy sustained stable cash flows amid favorable hydrological conditions. Industrial parks maintained steady revenue but weaker margins, and nickel mining rebounded sharply QoQ on improved recovery yields.

With Q4 typically being the peak season for construction, we expect both revenue and earnings to remain strong. We maintain our 2025–2026 forecasts, with revenue projected at VND 12,991bn and VND 15,333bn, and NPAT-MI at VND 761bn and VND 963bn, respectively, as performance remains on track with our assumptions.

The Board has suspended the 2025 ESOP plan for compliance review and will submit a revised proposal at the next shareholders’ meeting. PC1 also plans a bonus share issuance (53.6mn shares, ratio 100:15) to increase charter capital to VND 4,112bn (record date: Nov 13, 2025).

Separately, Western Pacific Group, PC1’s associate, launched Phase 1 of the Dong Van V Industrial Park (237ha, total capex VND 2,911bn). The project enhances PC1’s investment portfolio, with profit contribution expected from 2027.

We maintain our 12-month Target Price at VND 28,850/share and upgrade our rating from HOLD to BUY, offering 16.6% upside from the closing price of VND 24,750/share as of Nov 6, 2025.