Viet Dragon Securities - PVS – Positive signal from Block B project

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Viet Dragon Securities

Ngan Le

PVS – Positive signal from Block B project

PVS announced 3Q2023 results with revenue of VND 4,176 bn (USD 176 mn; +19% YoY; -11% QoQ). Gross margin shrank to 4.3% and higher G&A expenses led the NPAT-MI down 27% YoY to VND 141 bn (USD 6 mn).
For 4Q2023 we expect that PVS will continue to book revenue from ongoing projects such as Hai Long OSS, Shwe Phase 3, CHW2204 and Thi Vai LPG tanker. 2023’s revenue and NPAT-MI are projected to VND 19,725 bn (USD 832 mn; +20% YoY) and VND 895 bn (USD 38 mn; +1% YoY). Correspondend EPS is VND 1,686.
With contribution from major projects such as Block B (EPCI#1 &2), Su Tu Trang – Phase 2 and CHW2204, we forecast 2024 revenue and NPAT-MI to VND 29,147 bn (USD 1,230 mn; +48% YoY) and VND 1,351 bn (USD 57 nm; +51% YoY), respectively. Corresponding EPS is VND 2,544.
We raise our target price to VND 36,300/share (+31% to the latest target price of VND 27,800/share) due to positive signal from Block B project, with a NEUTRAL recommendation for PVS share.

01/12/2023 8 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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Analysts

Ngan Le

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PVS – Positive signal from Block B project

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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