Analyst Pin-board PVT – Continue its fleet rejuvenation and expansion strategy in 2022
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· Core business grew but the bottom line was impacted by financial income and other profit. · The company continues its fleet expansion strategy with a focus on chemical vessels. In addition, profit from liquidating vessel, especially PVT Athena, will boost PVT's earnings, especially in 2Q2022. Revenue and NPATMI are expected to reach VND 8,554 bn (USD371.9mn) (16.1% YoY) and VND 896 bn (USD 38.9 mn) (34.5% YoY). · Revenue and NPATMI are forecasted to post VND 2,197 bn (USD95.5 mn) (27.9% YoY) and VND 209 bn (USD9.1mn) (53% YoY) in 1Q2022. · We see a rerate in PVT’s valuation. Plus 34.5% earnings growth forecast, we believe that PVT should have a higher valuation. So we raise the target P/E for PVT from 11x to 12x then come to a target price of VND 30,800, equivalent to an upside of 19% from the current market price. Or ACCUMULATE for PVT. |
Petrovietnam Transportation Corporation (PV Trans) is a Vietnam-based company engaged in oil and gas marine transportation. It provides transportation of crude oil, petroleum and petrochemicals products. The Company is also involved in multimodal, inland water and road freight transportation, ship leasing and the offering of ship agency and brokerage services. In addition, it provides ship building, repair and maintenance services, as well as cargo handling services, vessel supply services and crew training and supply services. As of December 31, 2012, the Company was a subsidiary of Vietnam National Oil and Gas Group (Petrovietnam), and it had 10 subsidiaries, one joint venture and one affiliate. During the year ended December 31, 2012, 65.6% of the Company's revenue came from the provision of transportation services.
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