Analyst Pin-board PVD – Expect better results in 2H2022
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· PVD announced 2Q2022 results with VND1,505 bn in revenue (+36.3% YoY) and loss VND60bn in NPATMI, compared to the VND6bn profit in 2Q2021. · The drilling segment grew strongly thanks to the operation of PVD V but gross profit still recorded a loss in Q2/2022. · Financial expenses rose because of FX loss. Joint venture profits decreased. Notably, PVD booked 20% provision of Kris Energy's receivables. · We think PVD's business will improve in 2H2022 thanks to a full drilling schedule and no more unexpected expenses to be recorded. For 2022, we forecast that revenue and NPATMI will reach VND 5,214 bn (31.2% YoY) and VND-90 bn respectively. Looking through 2023, we see a potential improvement in PVD's rig day rate as day rates in the region increase to USD80,000 compared to PVD's full-year 2022 day rate of USD60,000. However, we are still conservative with the PVD share as the company has not been awarded full drilling schedule for 2023. So we recommend to follow the share at the current market price. |
PetroVietnam Drilling & Well Service Corporation is a Vietnam-based provider of oil and gas drilling services. The Company's operation is organized under three segments, including Drilling Services segment, which leases oil rigs and performs drilling services on a contract basis; Trading segment, which distributes equipment and supplies for oil drilling businesses, and Other Services segment, which provides diversified related services, such as oil well surveying and mapping, mud logging, oil spill containment, human resources outsourcing and project management.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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