Give us your feedback

PVD – Narrowing losses in 1Q19 – Update

Company Note 23/05/2019    114

Share

  • Improvements in rig utilisation rate and day charter rate propelled 1Q19 results. Net loss narrowed to US$3.8m in 1Q19 from US$10.5m in 1Q18.
  • Although the results fell short of our forecast, PVD’s secured orderbook into 2020F and gradual improvement in day rate are encouraging positives.
  • We downgrade to Hold from Add on valuations with lower TP of VND19,600. Better-than-expected revival of the TAD rig could re-rate the stock.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND20,600

VND19,600

0.00%

HOLD

OIL & GAS

Please follow this link for the full report

DMCA.com Protection Status