PVTrans (HOSE: PVT) | Q4 2025 Update, BUY– 1Y Upside +15.3%

Fleet Expansion Underpins Resilient Topline Despite A Softer Freight Cycle

PVT delivered solid topline growth in FY2025, with consolidated revenue reaching VND 16,049 bn (+36.8% YoY), exceeding our forecast at 105.3%, driven by fleet expansion and a sharp increase in trading activities. NPAT-MI came in at VND 1,038 bn (–5.0% YoY), slightly above our forecast, as margin pressure from weaker freight rates weighed on oil/chemical, LPG, and dry bulk segments.

By segment, transportation services remained resilient, generating VND 9,879 bn (+9.3% YoY) as fleet capacity expanded beyond 2.0 million DWT. Oil and chemical transportation outperformed expectations with revenue of VND 4,149 bn (+0.3% YoY) , while crude oil transportation posted VND 1,778 bn (+13.6% YoY) on improving tanker rates toward year-end. LPG and dry bulk delivered solid topline growth but continued to face margin constraints, while trading revenue surged to VND 5,581 bn (+169.2% YoY), albeit with structurally low margins.

Looking ahead, we expect earnings recovery to be gradual and volume-led, supported by fleet scale, improving utilization, and resilient seaborne energy demand, while margin normalization will depend on a recovery in freight rates. We maintain our 2026 forecast, with revenue projected at VND 15,550bn (-3.1% YoY), equivalent to around 94% of PVT’s 2026 revenue guidance. The YoY decline is largely driven by a normalization in trading revenue from the high base in 2025, while core transportation activities remain the key growth driver.

We maintain our 12-month target price for PVT at VND 26,000/share. We keep our BUY rating on PVT, implying an upside of 15.3% from the closing price of VND 22,250/share as of 04 February 2026.