Petrosetco (HOSE: PET) | Q3 2025 Update, BUY – 1Y Upside +21.9%

Strong Q3 2025 Results Driven By Steady Core Business Performance And Securities Gains

In Q3 2025, PET reported revenue of VND 5,484bn (-3.0% YoY) and NPAT-MI of VND 105bn (+119.5% YoY). The strong earnings growth was primarily driven by a VND 41bn net gain from securities trading, which contributed 22.0% of total NPAT-MI. Excluding this one-off gain, core NPAT-MI in Q3 reached VND 64bn (+36.7% YoY) and net profit margin reached 1.2% (+0.4% YoY). 

For 9M 2025, PET recorded revenue of VND 14,216bn (-1.5% YoY) and core NPAT-MI, excluding securities gain, reached VND 122bn (+7.6% YoY), fulfilling 69.3% and 63.0% of our FY2025 forecasts, respectively.

We maintain our financial forecast for PET, as its core business performance remains broadly in line with our forecasts. We project 2025 revenue and core NPAT-MI to reach VND 20,508bn (+7.7% YoY) and VND 194bn (+12.5% YoY), respectively, and 2026 revenue and core NPAT-MI to rise to VND 22,131bn (+7.9% YoY) and VND 215bn (+10.8% YoY). Please note that our NPAT forecast excludes gains from securities trading activities, which do not reflect the company’s core operating performance.

Based on these projections, we maintain our 12M Target Price of VND 36,800/share, implying a 21.9% upside from the closing price of VND 30,200/share as of November 4, 2025. Accordingly, we upgrade our recommendation from HOLD to BUY.