* We see slight upside potential to our 2026 earnings forecast, pending a fuller review as H1 2026 reported and core NPAT-MI complete 58% and 56% of our full-year forecasts, respectively. Transportation gross profit and EBITDA were broadly in line with our forecasts, while better-than-expected earnings mainly came from lower-than-expected G&A and financial expenses.
* H1 2026 revenue was VND9.9tn (+39% YoY) and reported NPAT-MI was VND872bn (+72% YoY). Core NPAT-MI rose 64% YoY to VND804bn. Strong earnings growth was mainly driven by (1) a 56% YoY increase in transportation gross profit, supported by stronger global tanker charter rates and contributions from vessels acquired in 2025, (2) a 19% YoY increase in financial income, and (3) a surge in net other income to VND85bn (+314% YoY), mainly reflecting compensation related to vessels affected by the Strait of Hormuz disruption under pool and time-charter arrangements. These positives outweighed a 16% YoY decline in gross profit from the FSO, trading & others segment and a 7% YoY increase in interest expenses.
* Q2 2026 results were strong, with revenue of VND5.7tn (+32% YoY) and reported NPAT-MI of VND553bn (+89% YoY). Core NPAT-MI rose 87% YoY to VND530bn. Strong earnings growth was mainly driven by (1) a 77% YoY increase in transportation gross profit, (2) a 9% YoY increase in financial income, and (3) a rise in net other income to VND29bn (+147% YoY). These positives outweighed an 18% YoY decline in gross profit from the FSO, trading & others segment and a 9% YoY increase in interest expenses.
* The transportation segment was the key earnings driver. Q2 transportation gross profit surged 77% YoY to VND880bn, driving GPM expansion to 28.4% from 21.0% in Q2 2025. This was supported by (1) substantially higher tanker charter rates, with benchmark Aframax/MR/Handymax rates rising 89%/51%/50% YoY, respectively, and (2) contributions from vessels acquired in 2025, which expanded PVT’s fleet DWT capacity by 22% YoY.
PVT’s Q2 & H1 2026 results
VND bn | Q2 | Q2 | YoY | H1 | H1 | YoY | % of Vietcap’s 2026F |
Revenue | 4,321 | 5,715 | 32% | 7,110 | 9,892 | 39% | 54% |
Transportation | 2,375 | 3,093 | 30% | 4,604 | 5,891 | 28% | 49% |
FSO, trading & others | 1,985 | 2,623 | 32% | 2,546 | 4,001 | 57% | 65% |
Gross profit | 595 | 959 | 61% | 1,088 | 1,572 | 44% | 49% |
Transportation | 498 | 880 | 77% | 918 | 1,428 | 56% | 49% |
FSO, trading & others | 97 | 79 | -18% | 170 | 143 | -16% | 50% |
Sales & marketing exp | -3 | -6 | 94% | -6 | -10 | 69% | 66% |
General admin exp | -118 | -109 | -8% | -211 | -226 | 7% | 39% |
Operating profit (EBIT) | 474 | 844 | 78% | 871 | 1,336 | 53% | 52% |
Financial income | 85 | 92 | 9% | 152 | 181 | 19% | 56% |
Financial expenses | -141 | -138 | -2% | -275 | -280 | 2% | 47% |
In which, interest expenses | -105 | -114 | 9% | -213 | -229 | 7% | 48% |
Share profit/loss from associates | 5 | 7 | 34% | 10 | 13 | 24% | 61% |
Net other income/loss | 12 | 29 | 147% | 20 | 85 | 314% | 91% |
PBT | 435 | 834 | 92% | 779 | 1,334 | 71% | 55% |
NPAT | 359 | 678 | 89% | 636 | 1,066 | 68% | 55% |
NPAT-MI, reported | 293 | 553 | 89% | 508 | 872 | 72% | 58% |
NPAT-MI, core | 283 | 530 | 87% | 491 | 804 | 64% | 56% |
EBITDA | 978 | 1,449 | 48% | 1,886 | 2,546 | 35% | 50% |
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Gross profit margin | 13.6% | 16.8% | +3.1 | 15.2% | 15.9% | +0.7 | 91% |
EBIT Margin | 10.9% | 14.8% | +3.9 | 12.2% | 13.5% | +1.3 | 95% |
Reported NPAT-MI margin | 6.7% | 9.7% | +3.0 | 7.1% | 8.8% | +1.7 | 106% |
Core NPAT-MI margin | 6.5% | 9.3% | +2.8 | 6.9% | 8.1% | +1.3 | 103% |
Source: PVT, Vietcap. Note: Core NPAT-MI excludes the net other income/loss.
Figure 2: Summarizing tanker rates in Q2 & H1 2026
‘000 USD/day | Q2 | Q2 | YoY | H1 | H1 | YoY |
Aframax - Crude tanker rate | 29.3 | 55.5 | 89.3% | 29.6 | 51.7 | 74.4% |
Medium Range (MR) - Oil product rate | 19.7 | 29.8 | 51.3% | 20.0 | 27.4 | 37.5% |
Handymax - Chemical rate | 18.3 | 27.5 | 50.3% | 19.0 | 24.9 | 31.0% |
Source: Alibra, Bloomberg, Vietcap (Note: Average to date)
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