PVD – Drilling segment back in the red in 2QFY20 – Update

• PVD’s 2QFY20 net profit was US$2.6m, down 44.5% yoy, as the operating expenses of its jack-up rigs in Malaysia surged due to Covid-19.
• 1HFY20 reported net profit jumped 289.4% yoy thanks to bad debt collection, but core earnings declined 41.6% yoy, in line at 70% of our FY20F forecast.
• Reiterate Hold with an unchanged TP of VND11,700.

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