A favorable oil price ensures the construction of major oil & gas projects. We expect to see new projects come online from 2019. PVS with its leading position in upstream, is set to benefit.
We rate ACCUMULATE for PVS with a target price of VND28,000 per share, based on the FCFF and P/E method. Including the VND500 cash dividend, we arrive at a total return of 16%, based to the closing price on May 23rd, 2019.
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.
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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