PTB - PBT grows 15% YoY, wood segment remains key driver - Earnings Flash

• In H1 2025, PTB reported respective revenue and PBT growth of 17%/23% YoY, fulfilling 48%/52% of our full-year forecasts. These results align with our expectations and we anticipate limited changes to our forecasts, pending a fuller review. 
• In Q2 2025 alone, revenue and PBT rose 20%/15% YoY and 19%/10% QoQ, respectively.
• Wood & stone segments: In H1 2025, the wood segment’s revenue posted 15% YoY growth, with a PBT margin of around 8-10%. The plant is operating at 75% capacity, with customers placing orders 60–90 days in advance, suggesting stable Q3 volume. Additionally, the stone segment’s revenue saw flat YoY growth in H1 2025.
• Real estate segment: In Q2 2025, revenue of this segment was ~VND120bn (vs VND12bn in Q2 2024 and VND30bn in Q1 2025). Key project updates: (1) Phu Tai Residence has 20-25 remaining units expected to be sold out within July 2025; (2) Phu Tai Central Life has ~50% of its units sold and handovers are set to begin in Q4 2025; and (3) Phu Tai Dieu Tri is currently undergoing site leveling with construction set to commence this month. The project is in the booking phase, with approximately 24% of units reserved, with official sales targeted for the end of the year.
• Q3 2025 guidance: PTB guides for Q3 2025 revenue and PBT of VND1.6tn and VND132bn, implying 9%/29% YoY growth, respectively. While this suggests a 17% QoQ decline in both revenue and PBT, we note that PTB has a conservative approach to its guidance. Looking forward, we expect the wood segment to remain the key growth driver.
• Export tariff update: Management views the upcoming 20% export tariff as relatively favorable vs competing countries (China, Canada, and Mexico). While the new tariff is set to take effect on August 1, further negotiations may still occur. While customers are open to cost-sharing, prices remain unchanged for now, with potential adjustments ahead. 

PTB’s H1 2025 results

Source: PTB, Vietcap

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