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On the morning of April 24, PC1 Joint Stock Company’s stock continued to hit the lower circuit, closing at 22,450 dong per share with no bids on the buy side. The move followed a six-session streak of declines, and the shares had already fallen more than 11% over eight trading sessions, retreating from around 27,500 dong per share on April 14 to the current level.
The share-price slide comes after PC1 held its annual general meeting, where the board approved the business plan. The plan sets consolidated revenue at 15,618 billion VND, up 19% from the prior year. Consolidated net profit after tax is projected at 1,056 billion VND, down 22% versus 2025, indicating operational challenges despite revenue growth.
PC1’s core business segments face multiple pressures:
Governance and compliance issues also weighed on investor confidence. In Q1/2026, regulators named PC1 for improper use of bond proceeds and delayed disclosure of information. Although the amounts involved were not large, the incident negatively affected market confidence.
Specifically, about 90 billion VND was used from certain bond tranches that did not conform to disclosure plans or legal requirements. The company was also noted for delaying the release of periodic information, including financial statements and bond usage, as well as debt obligations.
For 2026, analysts view the outlook as challenging. The energy segment remains heavily dependent on hydrological conditions, while mining faces risks tied to declining ore quality. In construction, higher input costs and relatively high interest rates are expected to increase financial costs, and project timing can affect short-term results. Short-term share-price movements may continue to be influenced by both internal factors and broader market sentiment.
PC1 was established in 1963, originally focusing on constructing power transmission lines. Over more than six decades, it has evolved into a multi-industry group and remains a leader in electrical construction, particularly in EPC turnkey projects reaching voltage levels up to 500 kV, as well as specialized works including GIS substations, offshore power supply, and submarine cables.
As of year-end, PC1 had 29,052 shareholders, with domestic holders accounting for 83.79% and foreign shareholders 16.21%. The Chairman of the Board, Trịnh Văn Tuấn, is the sole major shareholder holding over 5% of charter capital, with nearly 88 million PC1 shares (about 21.38% of total capital).
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