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PVS – 3Q results dampened by one-off expenses – Update

Company Note 18/11/2019    163

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  • PVS’s 3Q19 net profit plunged 72% yoy on lower profit from associates (-92.2% yoy) and higher tax expenses.
  • 9M19 net profit was below at 56.9% of our FY19F estimate due to higher than expected interest and other expenses.
  • We maintain our Add call with a lower target price of VND24,100.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND18,800

VND24,100

3.72%

ADD

OIL & GAS

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