- We attended PTB’s 2023 AGM in Binh Dinh Province on April 17. We upgrade our rating for PTB from OUTPERFORM to BUY and raise our target price (TP) by 15%.

- Our higher TP is due to rolling our valuation horizon from end-2023 to mid-2024, which reflects an expected rebound in revenue once demand recovers. This is partly offset by reducing our aggregate 2023F-25F NPAT by 6% due to our lower EBIT margin projections.

- PTB guides for a 9% decline in core PBT (excluding real estate) in 2023. Per management, if business progresses favorably, PTB can achieve USD340mn in revenue and USD34mn in NPAT in 2025 — not taking into account new projects.

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