PVT – Better results in 2023 than previous forecast
- PVT has announced its audited financial results for the first half of 2023, reporting revenue and net profit of VND 4,158 bn (-2.8%) and VND 630 bn (39.4%), respectively. These figures were higher than previous estimates because PVT recorded additional profits from compensation - consolidated from its subsidiary, Nhat Viet.
- We expect 2023 earnings to show growth compared to the previous stable earnings forecast despite the abnormal profits of VND 215bn from selling Athena vessel in 2022. As a result, we have adjusted the NPATMI of PVT from VND 861 bn to VND 978 bn for the full year 2023, representing a growth rate of 13,5%.
- We still maintain a positive outlook for PVT's stock this year as core profits are expected to grow by 18% in 2023. Assuming current freight rates remain stable in 2024 and the fleet continues to expand, we believe profits will continue to grow in 2024. However, the stock price has already increased significantly, so we only recommend HOLD stock with the target price of VND 26,400. Currently, the stock is trading at a P/E ratio of 9.2x for 2023
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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