PVD - Keep improving
Long term contracts, including potential ones in Brunei for PVD V in 2020, will secure jobs for the drilling rigs. Profitability may not be as expected especially for PVD V while the Jack Up rigs are expected to reach the break even point next year. In our opinion, we think that PVD is getting over the most difficult time and improving its results.
Based on the P/B method, we come up with a ACUMMULATE recommendation on PVD with the target price of VND21,060 per share, equivalent to a total return of 16%, as of the closing price in September 23rd, 2019.”
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