PVD – All eyes on PVD V – Update
- PVD returned to the black in 1H19 with US$1m net profit, from a loss of US$13.5m in 1H18, mainly driven by a recovery in its drilling business.
- The future of the PVD V rig remains investors’ biggest concern.
- Maintain Hold with lower TP of VND17,400.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND16,000
|
VND17,400
|
0.00%
|
HOLD
|
OIL & GAS
|
Please follow this link for the full report
You Might Be Interested
Company Note
6
Jack-up utilisation rate and day rates are improving but have yet fully covered for drilling fixed costs, which led to net loss of VND56.2bn in 1Q22. We believe in stronger recovery in quarters ahead as current strong oil price environment…
Company Note
14
VRE’s 1Q22 revenue and net profit fell 39% yoy/52% yoy to VND1,369bn/ VND377bn, in line with our forecast. We expect a strong recovery in a couple of next quarters to bring VRE’s earnings to surge 95.5%/64.6% yoy over FY22F/23F, respectively.…
Company Note
13
Charm Villas project is the key driver for net profit growth during FY22-23F. We expect power segment to deliver 38.4% yoy growth in FY22F revenue with full-year operation of three renewable power plants. We reiterate our Add call with a…