PVD – 3Q2023: good outcome
- In 3Q2023 PVD reported revenue of VND 1,381 bn (USD 58.3 mn; +11% YoY; -2% QoQ), while NPAT-MI went up to VND 151 bn (USD 6.4 mn), from a loss of VND 34 bn (USD 1.4 mn) in the same period last year.
- Interest expenses and exchange rate difference loss outweighted the improvements in gross margins for both drilling and well services. Consequently, 3Q2023 NPAT-MI decreased 16% QoQ.
- In 2024, we expect NPAT-MI to be around VND 700 bn (USD 29 mn; +50% YoY), and a VND 1,231 EPS. We propose to ACCUMUALTE and keep a target price of VND 30,900/share, which translates to a 18% return as of the closing price on Nov 2nd
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