Analyst Pin-board PVS – Waiting for new domestic M&C backlog
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· 3Q/2021 revenue of VND3,984bn (USD177.1mn) and NPATMI of VND221bn (USD9.8mn), down 33.2% YoY and 12.2% YoY, respectively. · JVs profit posted VND198bn (USD8.8mn), compared to the loss of VND36bn (USD1.6mn) in the same period last year. · VND54bn (USD2.4mn) from reverting the warranty of construction work in 3Q2021. · PVS has been awarded 3 new contracts with value of USD610mn, from international projects, not domestic ones. · For 2021, revenue and NPATMI are projected at VND13,265bn (USD589.5mn) (34.3% YoY) and VND730bn (USD32.4mn) (16.9% YoY), respectively. · PVS is the leading player in EPCIC segment. However, the shortage backlog for M&C, especially from domestic oil gas projects, is likely to impact the company’s prospect. Currently, we see some positive movements, which can solve the bottleneck but it’s soon to expect a good 2022 earnings for PVS in 2022. So we recommend REDUCE for PVS stock with the target price of VND 22,700. |
Petrovietnam Technical Services Corp. Petrovietnam Technical Services Corporation (PTSC) is a Vietnam-based provider of oil and gas related services and equipment industry. The Company provides petroleum storage services and marine transportation services using sea-borne tankers and specialized vessels. It is also involved in the provision of engineering services, geophysical surveying and mapping services and ship repair services. Moreover, it manufactures and installs tanks and gas pipelines. The Company also offers marine port services and offshore facility management and maintenance services. Other operations include the trading of petroleum and other petrochemicals. As of December 31, 2012, the Company was a subsidiary of Vietnam National Oil and Gas Group (Petrovietnam), and it had 13 subsidiaries, three joint ventures, five affiliates, along with six branches.
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