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PVD – Weak TAD contract terms already priced in – Update

Company Note 04/12/2019    146

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  • 9M19 net profit came in at US$2.1m, below expectations at 21.7% of our FY19F forecast due to slower-than-expected bad debt recovery.
  • We see brighter FY20F outlook given secured contracts for all jack-ups until year-end at a higher day rate (+8.3% yoy); TAD contract support in FY21F.
  • Maintain Hold with a lower target price of VND16,800.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND14,850

VND16,800

0%

HOLD

OIL & GAS

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