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PVD – Yet to be hit by oil price crash – Update

Company Note 12/05/2020    171

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  • 1Q20 net profit surged to US$1.0m in 1Q20, from a US$3.8m net loss in 1Q19, albeit completing only 9.5% of our full-year forecast.
  • The effect of the recent oil price slump could manifest later in FY21F.
  • Reiterate Add at a lower TP of VND13,900.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND10,350

VND13,900

0%

ADD

OIL & GAS

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