PDV leaves UPCoM, prepares to list on HOSE

The Vietnamese stock market is preparing to welcome another enterprise in the oil and gas transportation ecosystem listed on the HoSE, when PVT Logistics Joint Stock Company (code: PDV) officially leaves UPCoM to enter a larger playing field with the expectation of increasing liquidity and expanding opportunities to access institutional investment capital.

Changing floors at a difficult time, PDV bets on the recovery cycle of maritime transport

The Hanoi Stock Exchange (HNX) has just announced that it will cancel the trading registration of all more than 66 million PDV shares from November 6. The last trading session on UPCoM is November 5. The reason is that the company has been approved for listing on the Ho Chi Minh City Stock Exchange (HoSE), an important milestone after nearly a year since submitting the listing application in November 2024.

Previously, HoSE decided to approve the listing of more than 66 million PDV shares, currently with a charter capital of VND660 billion. This decision was implemented according to the Board of Directors' resolution dated October 21, 2024 and is consistent with the plan approved by the General Meeting of Shareholders for three consecutive years (2022 - 2024). According to the plan, the floor transfer will be completed in the period of 2024 - 2025, marking a turning point in the strategy to elevate PDV in the capital market.

Established in 2007, PDV is currently a subsidiary of PetroVietnam Transportation Corporation (PVT), a member of PVN, with an ownership ratio of nearly 52%. The main activities of the enterprise focus on bulk transportation and oil and gas logistics, playing an important role in the domestic and regional supply chain.

On UPCoM, PDV started trading in April 2017 with an initial reference price of VND10,200/share. Recently, this code recorded a series of 5 consecutive sessions of increase from October 23 to 29 before slightly adjusting 1.6% to VND12,600/share in the session of October 30. During the week, the stock still increased by about 5%, but was about 18% lower than the same period last year. This shows that the price movement is somewhat positive according to the expectation of changing floors, but the long-term foundation still needs improvement from business results.

PDV's move to HoSE took place at a time when profits were significantly declining. In the third quarter of 2025, the company's revenue reached VND586 billion, up 86% year-on-year. However, after-tax profit was only over VND32 billion, down 81%. The main reason was the sharp increase in cost of goods sold, causing gross profit margins to narrow, while depreciation expenses nearly doubled to VND48 billion due to fleet expansion. At the same time, interest expenses climbed to over VND16 billion, the highest level ever, creating obvious financial pressure.

Accumulated in the first 9 months of 2025, PDV only achieved nearly 49 billion VND in net profit, equivalent to about 55% of the yearly plan, lower than the management's expectations. The company assessed that the shipping industry, especially the bulk carrier segment, is entering a difficult cycle due to declining demand and fierce competition, putting pressure on profit margins in the short term.

Despite facing many challenges, PDV continues its fleet expansion strategy to prepare for the expected recovery period from the end of 2026. Since the end of 2024, the company has received two new bulk carriers, PVT Coral and PVT Topaz, but the exploitation efficiency has not been as expected due to unfavorable market conditions.

In the most recent issuance, PDV increased its charter capital to VND660 billion, mobilizing about VND230 billion to invest in a new fleet and supplement working capital, of which more than VND120 billion was allocated to PVT Topaz and VND100 billion for the PVT Emerald ship, expected to be delivered in August 2025.

Management expects the sale of the PVT Neptune and the investment in a new chemical vessel to generate a profit of 4-7 million USD, thereby supporting the completion of the annual profit plan. However, the progress of the deal remains a major variable, making the possibility of completing the 2025 target uncertain.

The sharp increase in fleet investment has led to rapid changes in asset and financial structure. By the end of the third quarter of 2025, PDV recorded a total original value of tangible fixed assets of nearly VND 2,000 billion, more than 3 times higher than at the beginning of 2023. Long-term debt doubled to more than VND 851 billion, continuing to put pressure on interest expenses in the following periods.

Source: https://thoibaonganhang.vn/pdv-roi-upcom-chuan-bi-niem-yet-hose-172880.html