PDV leaves UPCoM, prepares for listing on HOSE.

The Vietnamese stock market is preparing to welcome another company from the oil and gas transportation ecosystem to list on the HoSE, as 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.

Switching to a different exchange at a difficult time, PDV is betting on the recovery cycle of the shipping industry.

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

Previously, HoSE approved the listing of over 66 million PDV shares, which currently have a charter capital of VND 660 billion. This decision was implemented according to the Board of Directors' resolution dated October 21, 2024, and is consistent with the plan continuously approved by the General Shareholders' Meeting for three years (2022-2024). According to the plan, the listing transfer will be completed in the 2024-2025 period, marking a turning point in PDV's strategy to elevate its position in the capital market.

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

On UPCoM, PDV began trading in April 2017 with an initial reference price of VND 10,200 per share. Recently, the stock recorded a streak of 5 consecutive days of gains from October 23-29 before a slight correction of 1.6% to VND 12,600 per share on October 30. Over the week, the stock still increased by about 5%, but this is approximately 18% lower than the same period last year. This suggests a somewhat positive price movement in anticipation of the listing, but the long-term fundamentals still require improvement in business results.

PDV's listing on the HoSE (Hanoi Stock Exchange) coincided with a significant drop in profits. In Q3 2025, the company's revenue reached VND 586 billion, an 86% increase compared to the same period last year. However, after-tax profit was only over VND 32 billion, a sharp decrease of 81%. The main reasons were a sharp increase in the cost of goods sold, narrowing the gross profit margin, while depreciation costs nearly doubled to VND 48 billion due to fleet expansion. Simultaneously, interest expenses escalated to over VND 16 billion, the highest level ever, creating significant financial pressure.

For the first nine months of 2025, PDV achieved nearly 49 billion VND in net profit, equivalent to approximately 55% of the annual plan, lower than the management's expectations. The company assesses 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 numerous challenges, PDV continues its fleet expansion strategy to prepare for the expected recovery phase from the end of 2026. Since the end of 2024, the company has received two new bulk carriers, PVT Coral and PVT Topaz, but their operational efficiency has not met expectations due to unfavorable market conditions.

In its most recent issuance, PDV increased its charter capital to VND 660 billion, raising approximately VND 230 billion to invest in a new fleet and supplement working capital, of which over VND 120 billion was allocated to PVT Topaz and VND 100 billion to the PVT Emerald vessel, scheduled for delivery in August 2025.

The management expects the sale of the PVT Neptune vessel and investment in a new chemical tanker to generate a profit of $4-7 million, thereby supporting the achievement of the annual profit target. However, the progress of the transaction remains a major variable, making the possibility of achieving the 2025 target uncertain.

The significant increase in fleet investment has led to rapid changes in the asset and financial structure. By the end of Q3 2025, PDV recorded a total original cost of tangible fixed assets of nearly VND 2,000 billion, more than three times higher than at the beginning of 2023. Long-term debt doubled to over VND 851 billion, continuing to put pressure on interest expenses in subsequent periods.

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