PVD – Earnings Review – [HOLD] – 3Q26: Earnings trough amid short-term headwinds

PVD recorded 3Q26 revenue of VND3,214bn (+25% yoy, ~90% of KIS forecast). 3Q26 NPAT came in low at VND82bn (-70% yoy, -54% qoq), compared with our forecast of a 39% yoy decline, amid headwinds of Song Doc campaign.