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PVS – Challenging times ahead – Initiation

Company Note 28/03/2019    129

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  • We believe PetroVietnam Technical Services (PVS) could be a key beneficiary of Vietnam’s push for renewed dry gas reserves.
  • We expect it to deliver strong earnings growth (net profit CAGR of 25.4%) in FY18-21F.
  • Initiate coverage with Add and target price of VND25,000.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND20,600

VND25,000

6.03%

ADD

OIL & GAS

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