Viet Dragon Securities - PVD – Positive earnings to last 2Q2023 as well as FY 2023

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Viet Dragon Securities

Vu Tran

PVD – Positive earnings to last 2Q2023 as well as FY 2023

PVD recorded revenue of VND 1,226 bn and NPATMI of VND 52 bn in 1Q2023. Overall, 1Q2023 performance improved robustly compared to the same period last year with the main driver coming from drilling segment. Specifically, the rig utilization rate reached 100% compared to 55% of the same period, the rig day rate also increased by 20.7% YoY from USD 58,000 /day to USD 70,000/day.
PVD booked 100% provision for the receivables from Kris Energy. In the time to come, the receivables of Kris Energy and PVEP will be the potentail reserves for the bottom line.
PVD is likely to secure new contracts for 2024 with better day rates than the current one. In which, PVD I and VI are negotiating with PCSB (Petronas) for contracts with the rig day rate ranging from USD90,000 /day to USD100,000 /day. In addition, PVD III is negotiating with Hibiscus for a better term compared to the 2023 contract whose price only ranged from USD60,000/day - USD70,000/day.
PVD's business results are expected to keep improving from 2Q2023 onwards thanks to increased rig day rate. In addition, the potential for profit enhancement will maintain in 2024 if PVD can sign new contracts at better rate. In this context, we still maintain our POSITIVE recommendation with PVD stock at a target price of VND 26,800/share.

19/05/2023 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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Vu Tran

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PVD – Positive earnings to last 2Q2023 as well as FY 2023

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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