The PAN Group (HOSE: PAN) | Q4 2025 Update, ADD – 1Y Upside +14.8%

Agricultural Segment Improved After Prolonged Disruptions. The BBC Divestment Remains On Track

PAN reported solid Q4 2025 results, with consolidated revenue of VND 4,303bn (+0.9% YoY) and robust NPAT-MI of VND 269bn (+16.5% YoY). Notably, the agricultural segment emerged as the key growth driver in Q4 2025, marking a shift from 9M2025, when earnings were primarily supported by the seafood segment amid export shipment front-loading earlier in the year.

For FY2025, PAN recorded consolidated revenue of VND 17,588bn (+8.7% YoY) and NPAT-MI of VND 672bn (+10.4% YoY), both achieving 102.7% of our full-year forecasts.

We maintain our valuation for PAN as business performance is in line with our forecast. We forecast 2026 revenue and NPAT-MI to reach VND 18,441 bn (+4.9% YoY) and VND 733 bn (+9.1% YoY). We maintain our target price of VND 35,000/share and reiterate our ADD recommendation, implying a potential upside of 14.8% from the closing price of VND 30,500/share as of February 9, 2026.