PVT - Contribution from new fleets
PVT is on the way to rejuvenate its fleets as well as to improve the capacity. Plus the favorable conditions (1) stable workload (2) increasing charter rate, we expect that PVT can maintain a growth of 10% - 12% in the core business.
We rate BUY for PVT with a target price of VND20,100 per share, based on the FCFF and P/E method. Including the VND1,000 cash dividend, we arrive at a total return of 29%, based on the closing price on Jun 27th, 2019.
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.
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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