{"id":36054,"date":"2026-04-20T10:44:51","date_gmt":"2026-04-20T03:44:51","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&p=36054"},"modified":"2026-04-20T10:44:51","modified_gmt":"2026-04-20T03:44:51","slug":"en-gtjasvn_pvi-flash-note_agm-2026-wrap-up-_17-04-2026","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_pvi-flash-note_agm-2026-wrap-up-_17-04-2026\/","title":{"rendered":"(EN) GTJASVN_PVI Flash Note_AGM 2026 Wrap up _17.04.2026"},"content":{"rendered":"\n\n\n
\n

KEY TAKEAWAYS<\/strong><\/span><\/p>\n

At the 2026 Annual General Meeting (held on April 17, 2026), PVI announced its 2026 business plan with the following highlights:<\/span><\/p>\n

    \n
  • Consolidated revenue is projected at VND 28,815 billion<\/strong>, representing a slight increase compared to 2025 (VND 27,339 billion).<\/span><\/li>\n
  • Profit before tax (PBT) is expected to reach VND 1,243 billion<\/strong>, down 15% YoY<\/strong>.<\/span><\/li>\n
  • The 2025 dividend payout ratio stands at 33%<\/strong>, including 23% in cash<\/strong> and 10% in stock<\/strong>.<\/span><\/li>\n<\/ul>\n

    The AGM also provided an update on the divestment plan of PetroVietnam (PVN) in PVI. The divestment, initially expected to be completed in 2025, has faced delays due to regulatory changes and has yet to be finalized. The company is currently awaiting PVN\u2019s restructuring plan for the 2026\u20132030 period, with expectations that the divestment process will be resumed thereafter.<\/span><\/p>\n

    COMMENT AND RECOMMENDATION<\/strong><\/span><\/p>\n

    PVI remains one of Vietnam\u2019s leading non-life insurers, with particular strength in infrastructure insurance, benefiting from its parent group\u2019s ecosystem. The company maintains top-tier operating efficiency, reflected in a low combined ratio, while its investment portfolio provides stable cash flow. PVI has also received an A- credit rating<\/strong> from AM Best for four consecutive years, highlighting strong governance and financial strength.<\/span><\/p>\n

    The company\u2019s 2026 business strategy reflects a cautious stance amid increasingly unpredictable natural disaster risks.<\/span><\/p>\n

    While the market holds certain expectations regarding PVN\u2019s potential divestment in the near term, we recommend investors focus on PVI\u2019s core fundamentals.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Using a discounted cash flow (DCF) approach, we estimate PVI\u2019s intrinsic value at VND 85,000 per share<\/strong>.<\/span>
    \nRecommendation:<\/strong> Hold \/ Accumulate for long-term investment<\/em><\/span><\/p>\n","protected":false},"author":31,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-36054","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"(EN) GTJASVN_PVI Flash Note_AGM 2026 Wrap up _17.04.2026 - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_pvi-flash-note_agm-2026-wrap-up-_17-04-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"(EN) GTJASVN_PVI Flash Note_AGM 2026 Wrap up _17.04.2026 - GTJA\" \/>\n<meta property=\"og:description\" content=\"KEY TAKEAWAYS At the 2026 Annual General Meeting (held on April 17, 2026), PVI announced its 2026 business plan with the following highlights: Consolidated revenue is projected at VND 28,815 billion, representing a slight increase compared to 2025 (VND 27,339 billion). Profit before tax (PBT) is expected to reach VND 1,243 billion, down 15% YoY. 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Profit before tax (PBT) is expected to reach VND 1,243 billion, down 15% YoY. 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