PVS – O&G projects to be 2024-2025F growth drivers; offshore wind energy for further development
• 2024 marks a significant milestone for PVS with the implementation of several critical oil and gas projects such as Block B, Su Tu Trang, and Lac Da Vang. However, during the project's first year, PVS focus mainly on surveying, design drafting, and equipment procurement, meaning the construction work will be concentrated in 2025 and 2026.• We project revenue of VND 22,730 billion (+17% YoY) and NPAT-MI of VND 1,107 billion (+8% YoY) for 2024. Looking forward to 2025, we expect strong growth earnings growth for PVS, with revenue of VND 38,235 billion (+68% YoY) and NPAT-MI of VND 1,509 billion (+36% YoY).
• In the long term, we believe PVS will continue to benefit from the growing trend of offshore wind power projects.
• We have an ACCUMULATE rating for PVS shares with a target price of VND 42,300 per share (+10%) based on the FCFF and P/E methods. Despite the company's positive outlook, we believe the current price already reflects its growth potential from continuously securing contracts, with a P/E of 20x, close to the three year average of 21x.
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