PVD - High rig day rate boost 2023-2024 business results
- We increase our estimates for 2023’s revenue and net profit by 2%/27% respectively, with VND 5,101 bn in revenue (or USD 223.6 mn, -6.1% YoY) and VND 460 bn in NPAT-MI (or USD 19.4 mn), compared to a loss of VND 99 bn in 2022. The 2023 correspondent EPS will be VND 827.
- We anticipate the day rate of PVD Jackups to rise to USD 92,700 (+14% YoY) in 2024.
- With the target PBR of 1.20x, we come up with a BUY recommendation with the target price of VND 30,900 per share, equivalent to a return of 26% as of the closing price on Oct 3rd, which is higher by 15% compared to the latest target price (VND 26,800) on Aug-2023
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