We attended PVB’s 2025 AGM on April 11, 2025. Management delivered a positive outlook, targeting 2.7x YoY NPAT growth and expressing high confidence in achieving their guidance, supported by secured contracts and upcoming bids. See more in our PVB [NON-RATED] - Block B to spearhead new growth trajectory report.

1. 2025 Guidance:

• Revenue: VND540bn (2.0x vs 2024A; 2.6x vs 2024G).
• Reported NPAT: VND40bn (2.7x vs 2024A; 17.5x vs 2024G). 

Management noted that this guidance remains conservative, as PVB has secured four contracts (total backlog of VND640bn, equivalent to 119% of 2025 revenue guidance) and is negotiating new contracts. Historically, in profitable years (2012–2015, 2017, 2019–2021, 2023–2024), PVB’s actual NPAT averaged 1.54x its guidance.

2. Dividend payment: Shareholders approved no cash dividend for 2024–2025.

3. Backlog and new bidding pipeline:

Secured contracts (VND640bn backlog): (1) Block B onshore gas pipeline: VND426bn contract (PVB expects completion by Q4 2025); (2) Block B infield gas pipeline: VND136bn contract (PVB expects completion by May 2025); (3) Long Thanh International Airport pipeline: VND38bn contract (PVB expects completion by Q3 2025); (4) Lac Da Vang pipeline: VND39bn contract (PVB expects completion by July 2025).

Upcoming bidding:

• Domestic Projects: (1) Block B offshore gas pipeline (an expected backlog of VND1.6tn; bid submitted); (2) Thien Nga – Hai Au field (an expected backlog of VND100bn; PVB expects the execution from Q3 2025, after the bidding result).
• Overseas projects: Actively participating in bids for oil & gas pipeline projects across Southeast Asia.

Powered by Froala Editor