Compared to the previous forecast, BVSC increases the terminal growth rate assumption for PVS from 2% to 2.5% in its DCF model, and raises the target P/E multiple from 17.7x to 18.6x to reflect expectations from Resolution 70-NQ/TW on ensuring national energy security and Resolution 79-NQ/TW on developing the state economy issued by the Politburo, which are expected to positively impact PVS’s long-term business outlook. Using both FCFF and P/E valuation methods, BVSC derives a fair value of VND 54,500/share for PVS, implying an upside potential of 17.7%, and reiterates an OUTPERFORM recommendation.

…………………………………………

Please find the attached file below.