Viet Dragon Securities - PVD – “April showers bring May flowers”

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Viet Dragon Securities

Ngan Le

PVD – “April showers bring May flowers”

In 4Q2023 PVD reported revenue of VND 1,747 bn (USD 74 mn; +20% YoY), led by drilling services. Overall, PVD recorded revenue of VND 5,812 bn (USD 245 mn; +7% YoY) and NPAT-MI of VND 579 bn (USD 24 mn, 2022: loss of VND 103 bn) for FY2023. 2023 EPS is VND 803.
Thanks to the high demand for rigs in SEA, all of PVD’s drilling rigs have secured contracts for 2024 with a day rate of USD 90k – USD 100k (+11% YoY). This will partly ensure the company’s bottom line in 2024, which is anticipated to increase by 12% YoY to VND 646 bn (USD 27 mn). Correspondent EPS and BVPS are VND 1,161 and VND 27,508.
In 2025-2026, drilling activities in the domestic market are anticipated to become vibrant thanks to major O&G projects such as Block B, Su Tu Trang 2B and Lac Da Vang. The well services segment is also expected to boom as a result.
We remain ACCUMULATE and raise PVD’s target price by 7% to VND 33,000/share to reflect PVD’s NPAT growth outlook in 2024

01/02/2024 7 EN

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Viet Dragon Securities

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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Analysts

Ngan Le

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PVD – “April showers bring May flowers”

AWAITING THE BREAKOUT

Vietnam chilled-fresh meat market – Significant long-term potential but difficult to realize in

The decline has not come to a halt

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