VietinBank Capital raises Petrosetco (PET) stake to 19% as H1 profit jumps 97%

Overview

VietinBank Capital, the fund management arm of VietinBank, increased its ownership in Petrosetco (PET) to 19% by purchasing 2.69 million shares on July 29, 2026. Concurrently, HDCapital raised its stake to 18.74%. The accumulation comes as PET reported robust first-half 2026 earnings, with revenue up 50% and net profit surging 97% year-on-year, reinforcing institutional interest in the oil and gas services firm.

Key Facts

• VietinBank Capital bought 2.69 million PET shares on July 29, raising its holding from 17.26% to 19% (29.39 million shares).
• HDCapital purchased 2.93 million PET shares on the same day, increasing its stake from 16.84% to 18.74% (29 million shares).
• Based on PET’s closing price of VND 37,200 on July 29, HDCapital’s transaction was worth approximately VND 109 billion; VietinBank Capital’s purchase was over VND 100 billion.
• PET’s Q2 2026 net revenue reached VND 6,968 billion, up 48% year-on-year; gross profit doubled to VND 429 billion.
• H1 2026 net revenue totaled VND 13,097 billion (+50%) and net profit after tax reached VND 202 billion (+97%).
• PET’s 2026 net profit target is VND 318 billion, down 9% from 2025; after H1, it has completed 63.5% of the target.
• As of June 30, 2026, PET’s total assets were VND 13,945 billion, with short-term receivables at VND 5,976 billion (43% of assets) and cash/short-term investments at VND 4,624 billion (33%).

What Happened

VietinBank Capital disclosed a change in ownership at Petrosetco (PET) via a regulatory filing, stating it purchased an additional 2.69 million shares on July 29, 2026. This transaction increased its stake from 26.7 million shares (17.26%) to 29.39 million shares (19%). The purchase follows an earlier acquisition of 5.9 million shares on July 22, indicating a pattern of steady accumulation.

In parallel, HDCapital, another major shareholder, bought 2.93 million PET shares on the same day, raising its holding from 16.84% to 18.74%. Based on PET’s closing price of VND 37,200 on July 29, HDCapital’s outlay was approximately VND 109 billion, while VietinBank Capital’s purchase exceeded VND 100 billion. These moves come shortly after PET released its Q2 2026 financial statements, which showed strong growth: net revenue rose 48% to VND 6,968 billion, and net profit after tax increased 85% to VND 101 billion. For the first half, revenue grew 50% to VND 13,097 billion and net profit jumped 97% to VND 202 billion.

Market Context

PET shares closed at VND 38,000 on August 3, 2026, up from VND 37,200 on July 29, reflecting positive sentiment around the earnings and institutional buying. The stock trades on the HOSE, and the company operates in the oil and gas services sector, with a retail focus. The broader Vietnamese market has seen increased institutional activity in energy-related names, and PET’s strong H1 performance, coupled with the stake increases, has drawn attention. The stock’s valuation and liquidity remain key considerations for investors.

Strategic Significance

The coordinated stake increases by VietinBank Capital and HDCapital signal growing institutional confidence in PET’s business trajectory. The company’s H1 results, with revenue up 50% and net profit up 97%, indicate robust operational momentum, likely driven by higher oil and gas service demand. The accumulation by two major shareholders suggests a long-term view, possibly anticipating continued earnings growth or strategic developments. For investors, the alignment of major shareholders with the company’s performance could reduce overhang risk and support share price stability. However, the high level of short-term receivables (43% of assets) and debt (VND 11,116 billion) warrant monitoring for working capital efficiency.

What to Watch

• PET’s Q3 2026 earnings release, expected in October, to see if growth momentum continues.
• Any further stake changes by VietinBank Capital or HDCapital, which could signal additional accumulation or potential strategic moves.
• PET’s progress toward its 2026 net profit target of VND 318 billion; H1 completion at 63.5% suggests on-track performance.
• Management of receivables and debt levels, as high receivables could impact cash flow.
• Oil price movements and sector dynamics, which could affect PET’s revenue and profitability.