Analyst Pin-board PVT – Revenue of transportation keeps rising in 1Q2022
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· Revenue and NPATMI in 1Q2022 grew 17.8% YoY and 11.8% YoY, respectively. · Transportation revenue increased by 22.9% but gross profit margin decreased slightly due to the crude oil tanker. · In 2022, we estimate that revenue and NPATMI will reach VND 8,577 bn (up 15.0%) and VND 880 bn (up 33.3%), respectively. In which, profit will mainly be in 3Q2022 when PVT liquidates the Athena vessel. · The stock price has witnessed a deep dive recently and is staying at an attractive valuation. The current PE 2022 is at 7.4x, lower compared to the average of 10x from the beginning of the year. We reiterate our BUY recommendation for PVT stock with the target price of VND30,500, equivalent to PE forward of 11.9x . |
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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