PVT – Core business to enjoy the charter rate hike and fleets expansion
- Positive result thanks to abnormal profit of VND 212 bn from liquidating PVT Athena. NPATMI recorded VND271bn, up 187.1% YoY. Of noted, transportation segment maintained its growth momentum with 44.8% in 3Q revenue growth.
- PVT has announced its 2022 results with VND9,150bn in revenue (+15.9%) and VND1,094 bn in net profit (+31.1%), equivalent to VND2,542bn in revenue (+22.2%) and VND262bn in net profit (+11.8%) for 4Q2022.
- In 2023, PVT will keep expanding its fleets as well as enjoy the increase in charter rate in crude oil tanker, oil product tanker (thanks to the sanctions against Russia). We project revenue to increase by 1.3% to VND 9,273 bn and NPATMI to slightly drop 3.3% to VND 825 bn in 2023 as there is no one-off from vessel liquidation.
- With this forecast, PVT is being traded at 2023 P/E forward 9x, quite attractive when looking at the 9% growth in 2023 core earnings profit (excluding other profit). We come to the target price at VND23,800 per share or ACCUMULATE recommendation.
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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