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Dragon Capital has divested its stake in PV Drilling (PVD), meaning it is no longer a major shareholder. Hanoi Investment Holdings Limited, a member of the foreign fund Dragon Capital, sold 200,000 PVD shares in the session on 10 April.
After the transaction, Dragon Capital’s holding fell from more than 27.8 million shares (over 5%) to more than 27.6 million shares, equivalent to 4.97% of PVD’s capital.
Based on PVD’s closing price on 10 April of VND 32,850 per share, the group earned about VND 6.6 billion from the sale.
Separately, VCSC raised its target price for PVD by 13% to VND 40,300 per share and maintained a “buy” rating. The upgrade was linked to revised forecasts for net profit after tax attributable to minority interests (NPATMI) across 2026–2030, with adjustments of +0%/+7%/+16%/+15%/+14% for each year.
Under VCSC’s positive scenario, the target price could reach VND 43,600.
VCSC expects core NPATMI in 2026 to rise 52% year-on-year, supported by recovering JU rig performance, a 1.2% increase in the JU day rate, new contributions from PVD VIII, a 35% year-on-year increase in gross profit from well-related services, and a 15% year-on-year rise in profits from associates.
For 2026–2028, the CAGR of NPATMI is forecast at 57%, supported by a 7% annual day rate increase, contributions from PVD IX (from April 2026) and PVD X (from 2028), improvement in well service segments, and earnings from joint ventures, with results approaching the 2014 peak by 2028.
VCSC said PVD is trading at an “attractive” valuation, citing a 2026 P/E of about 16x, below the company’s historical median P/E of 32x, and a PEG of 0.3.
Supporting factors noted by VCSC include a 66.9% capital increase through stock dividends.
Risks identified include slower rig deployments, and a day rate and oil price lower than expected.
PVD plans to hold its 2026 annual general meeting at Rex Saigon Hotel, 141 Nguyen Hue, Ho Chi Minh City.
For 2026, PVD targets total revenue of VND 11,185 billion and NPAT of VND 800 billion (down from 2025). The company also expects equity to rise to VND 17,851 billion and total assets to reach VND 28,714 billion.
In 2025, PVD reported total revenue of VND 11,553 billion, exceeding the 2025 plan by VND 4,353 billion (60%) and up VND 1,987 billion (21%) from the previous year.
Net profit was VND 1,052 billion, exceeding the plan by VND 522 billion (98%) and up VND 354 billion (51%) year-on-year.
PVD attributed the results mainly to high utilization of jack-up rigs, semi-submersible rigs, and PV Drilling’s charter rigs operating at higher levels, along with better-than-plan performance by subsidiary units—particularly well-drilling services in Vietnam, which were more active in 2025.
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