PVD – Weak TAD contract terms already priced in – Update

• 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.

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