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PV Drilling (PVD) is drawing a positive view from analysts as business fundamentals improve. In the latest report from BSC, the stock is rated Buy, with a target price of VND 39,450 per share, implying around 25% upside versus the current price.
In Q1 2026, PVD started on a strong note, with revenue above VND 3.5 trillion, up more than twofold year-on-year. Pre-tax profit reached around VND 400 billion, up 100%, supported by sustained high rig charter rates and near-maximum operating efficiency across the system.
Analysts also point to a step-change in 2025. The company recorded revenue near VND 10.9 trillion, up 17%, while net profit exceeded VND 1 trillion, up 49%. BSC views this as evidence of a new profit level following restructuring.
BSC projects 2026 revenue to reach VND 13,779 billion, up 26%, and net profit to be around VND 1,154 billion, up 11%. Excluding unusual items, core profit is expected to grow up to 28%, supported by continued improvements in rig charter rates and sustained high operating efficiency of around 99%.
Beyond rig-rate and efficiency improvements, BSC highlights additional demand and capacity factors:
PVD has also approved a plan to raise charter capital by 66.9%, to over VND 9.2 trillion, aimed at strengthening financial capacity to participate in large-scale projects.
Despite the positive outlook, BSC notes risks including oil-price volatility, financing costs, and the possibility of project delays.
After a sharp correction, the stock is described as trading at valuations well below its growth potential. In the context of a clearly recovering oil-and-gas cycle, PVD is expected to continue its growth trajectory and gradually improve its regional position. The current price level is considered suitable for medium- to long-term accumulation.
— Xuân Bắc
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