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PVT – Fleet expansion drove earnings growth – Earnings Flash

Company Note 01/08/2019    115

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  • Strong performance of newly-acquired tankers throughout 2Q18-2Q19 helped 1H19 blended gross margin expand by 2.3% pts.
  • 1H19 net profit rose 16.6% yoy to VND371bn, in line at 52.7% of our full-year forecast.
  • We maintain our Add call with an unchanged TP of VND21,000.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND18,300

VND21,000

6.33%

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TANKER SHIPPING

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