Analyst Pin-board: PVS – Prospect From 2019 on
PVS is a leading supplier of services in the oi l& gas sector. In spite of the recovery of the oil price in the last two years, the business result of PVS has been going down. The bad number in 1H2018 has proved it. Revenue in 1H was equivalent to the same period last year at VND7,629 bn but the net profit significantly dropped 67% to VND212 bn due to falling gross margin from 9% to 5%. There was no contribution of FPSO Lam Son in the first six months in 2018. During the same period last year this activity contributed VND156 bn. The low margin can be explained from the ROV segment where PVS recorded a huge loss. As a result, we adjust our forecast: VND15,369 bn in revenue and VND711 bn in net profit.
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