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PVD – Short-term volatility buffered by long-term contract – Update

Company Note 28/02/2020    123

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  • Drilling contracts secured for FY20-21F cushion against oil price downside.
  • We expect FY20F net profit of US$11.0m (+35.2% yoy) due to solid performance from drilling segment and US$4.3m bad debt provision reversal.
  • We upgrade PVD from Hold to Add due to the sharp share price correction. We lower our TP to VND16,500 to reflect FY20-22F EPS cuts.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND12,400

VND16,500

0%

ADD

OIL & GAS

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