PVT - Operation of Nghi Son adding more jobs from 2019
The operation of Nghi Son will add more jobs for PVT as the company will be in charge of transporting the crude oil input as well as the gasoline products output. Besides, the leasing rate’s adjustment of the FSO Dai Hung Queen from 2018 will push up the net profit of PVT in the future. Moreover, the high possibility of lifting the charter rate for the domestic routes in 2H 2018 will also support for the company’s business. Regarding to bulk shipping, the fierce competition prevents PVT from expanding the operation as the initial plan.
Not only the positive general business, the divestment story in 2019-2020 is also a good news for stock price. Based on the target price of VND 21,200 per share and the expected cash dividend of VND 700 per share, generating a total return of 26.2%, compared to the closing price on Sep 6th 2018, we recommend BUY the stock.
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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