We reiterate our OUTPERFORM rating for PC1 with a new target price of VND32,000/share (an upside of 20%). Our revised target price represents an 18% upside from the 2026 Strategy Report, reflecting more optimistic 2026–2030 earnings projections for PC1, particularly within its EPC and nickel mining operations. We maintain PC1 as our top pick, driven by its industry-leading status in electrical construction and installation, superior execution capabilities, and a solid growth trajectory for the 2026–2030 period.

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Please find the attached file below.