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

• 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.

Please follow this link for the full report