PVS announced 1Q2023 results with revenue of VND 3,705 bn and NPATMI of VND 214 bn. Although gross margin increased, G&A expenses were higher and there were no other profits, making the bottom line almost flat compared to the same period last year. PVS has been awarded lot of EPC contracts for offshore wind power segment. Recently, the company has announced new contract for the design, manufacturing, and commissioning of offshore substations for the Baltica 2 with an estimated value of USD180...
Earnings growth in 2022 was mainly due to the low base of 2021. The overall business had no significant changes as the Mechanical & Construction (M&C) segment lacked huge contracts to be recorded and the gross margin of M&C continued to remain low at 1.4%. At the end of 2022, the revenue and NPATMI reached VND 16,419 bn (up 15.5% YoY) and VND 773 bn (up 28.5% YoY), respectively. PVS is gradually shifting its business to offshore wind power based on the its advantages of facilities as well as ...
· Although revenue went up strongly thanks to mechanics & construction (M&C) segment, 2Q2022 and 1H’s profit as well dropped compared to the same period last year. In details, revenue in 6M2022 reached VND 7,579 billion (+33.6% YoY), NPATMI in contrast was only VND 223 billion (-24.7% YoY). · In 6M2022, PVS posted a decrease in gross profit margin from 7.3% to 4.4% while G&A expenses rose by 19.7%. · We project that total revenue and NPATMI will come at VND 16,5...
PVS reported Q3 21 revenue of VND3,984bn (US$177.1mn) and NPATMI of VND221bn (USD9.8mn), down 33.2% yoy and 12.2% yoy, respectively. Profit from JVs came in at VND198bn (USD8.8mn) versus a loss of VND36bn (USD1.6mn) in the same period last year. PVS has been awarded three new contracts worth US$610mn, from international projects. For 2021, revenue and NPATMI are projected at VND13,265bn (US$589.5mn) (34.3% yoy) and VND730bn (US$32.4mn) (16.9% yoy), respectively. PVS is the leading player i...
· 3Q/2021 revenue of VND3,984bn (USD177.1mn) and NPATMI of VND221bn (USD9.8mn), down 33.2% YoY and 12.2% YoY, respectively. · JVs profit posted VND198bn (USD8.8mn), compared to the loss of VND36bn (USD1.6mn) in the same period last year. · VND54bn (USD2.4mn) from reverting the warranty of construction work in 3Q2021. · PVS has been awarded 3 new contracts with value of USD610mn, from international projects, not domestic ones. · For 2021, revenu...
The company reported Q2 21 revenue of VND3,063bn (-43.6% yoy) while NPATMI came in at VND152bn (-42.8% yoy). PVS recorded VND10bn for provisions in Q2 21, translating to total provisions of VND20bn in H1 21. Its JV profit was VND151bn in Q2 21, compared to VND129bn in Q2 20. For 2021, revenue and NPATMI are anticipated at VND13,289bn (-34.1% yoy) and VND796bn (+27.5% yoy), respectively. The company recorded 2021 EPS of VND1,499 and 2021 book value of VND26,256. We recommend Neutral for the...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
As a relatively simple and fledgling value chain compared to other large petroleum corporations, Vietnam's oil and gas industry depends heavily on the fluctuations in world markets. Disadvantageous production costs of upstream projects reduce the motivation to invest in new oil and gas fields. Instead, decisions to spend on upstream projects are no longer based on economic benefits but depend entirely on political motivation. Therefore, the big picture looks rather cloudy, particularly consid...
Despite being the upstream leader, less mechanics and construction (M&C) projects in 2021 will prevent PVS from growing. Besides, although cash per share is higher than the market price, the cash dividend policy will be stable at VND700-1,000 per share. As a result, we do not see any significant catalysts for the share price in the future and recommend to Accumulate with a target price of VND13,800. Plus VND1,000 cash dividend, the total expected return is 19.6% , compared to the closing pric...
PVS announced VND4,648bn in Q3 19 revenue, up 25.5% yoy. However, the gross margin fell to 4.8% from 6.6% and profit from JVs dropped, leading to a 42.6% decrease in Q3 profit before tax to VND139bn. Net profit was VND84bn, down 55.6% yoy. For 9M 19, net profit reached VND637bn, up 12.3% yoy thanks to good Q1 19 results. NPATMI dropped by only 8.5% to VND649bn, helped by 9M 19 profit of subsidiaries improving over the same period last year. We reiterate out Buy recommendation with a slightly ...
Despite lower earnings in Q2 19, we remain positive on PVS and still believe that the company will benefit the most from major oil & gas projects in the next few years. We reiterate Accumulate for PVS with a target price of VND28,000, Including the VND700/share, we arrive at a total return of 19%, based on the closing price on 11 July).
A favorable oil price ensures the construction of major oil & gas projects. We expect to see new projects come online from 2019. PVS with its leading position in upstream, is set to benefit. We rate ACCUMULATE for PVS with a target price of VND28,000 per share, based on the FCFF and P/E method. Including the VND500 cash dividend, we arrive at a total return of 16%, based to the closing price on May 23rd, 2019.
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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