PVT – Freight rates increase support business results
- PVT announced its financial results for 3Q2023, reporting revenue and net profit of VND 2,551 bn (USD 108 bn; +9% YoY) and VND 249 bn (USD 10.5 mn; -8% YoY).
- With the higher TC rates, we expect 4Q2023 bottom line will rise by 17% YoY to VND 242 bn (USD 10 mn). As a result, the NPAT-MI of PVT will reach VND 982 bn (USD 41 bn) for the full year 2023, representing a growth rate of 14% YoY. Correspondend EPS is VND 2,853.
- Assuming current freight rates remain high level in 2024 and the fleet continues to expand, we maintain a positive outlook for PVT's stock as profits are expected to grow by 12% YoY to VND 1,099 bn (USD 46 mn). Correspondend EPS is VND 3,190. However, we believe that the growth prospects are currently priced in, so we only recommend a NEUTRAL with the target price of VND 28,800.
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