PVT – A long-term bet – Update
- PVT reported a 1Q19 net profit of VND147bn (+15.5% yoy) mainly due to strong performance of the transportation segment (gross profit +55.4% yoy).
- We expect an EPS CAGR of 8.9% in FY18-21F, on the back of the expansion of Vietnam’s refinery capacity and growing demand for fossil fuels.
- Maintain Add rating and target price of VND21,000.
|
Market Price
|
Target Price
|
Dividend Yield
|
Rating
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Sector
|
|
VND16,600
|
VND21,000
|
6.33%
|
ADD
|
TANKER SHIPPING
|
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