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...
In 1Q2023, PVT recorded revenue of VND 2,043 bn (+1.1% YoY), while NPATMI reached VND 182 bn, (+19.2% YoY). Gross margin improved thanks to the transportation segment, which was driven by the petroleum/chemical tanker. With the fleet expansion and favorable freight rate trends, 2Q2023 results is anticipated to maintain its growth momentum. In details, the crude oil tanker and LPG tanker are expected to be the driving forces in 2Q2023, offsetting a slight decline in the petroleum/chemical tank...
PVT recorded positive 4Q2022 results with revenue of VND 2,439 bn (up 17.2%) and NPATMI of VND 207 bn (up 5.1%). For FY2022, PVT also posted good performance thanks to a 30.7% in revenue growth from the core business (transportation segment) and VND 292 bn from liquidating Athena vessel (VND 205 bn), Song Hau Eagle. NPAT increased by 30.4% to VND 861 bn in 2022. The company keeps expanding its fleet in 2023 and benefits from the increasing freight rates of crude oil tankers as well as oil pro...
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 inc...
· Revenue and NPATMI in 1Q2022 grew 17.8% YoY and 11.8% YoY, respectively. · Transportation revenue increased by 22.9% but gross profit margin decreased slightly due to the crude oil tanker. · In 2022, we estimate that revenue and NPATMI will reach VND 8,577 bn (up 15.0%) and VND 880 bn (up 33.3%), respectively. In which, profit will mainly be in 3Q2022 when PVT liquidates the Athena vessel. · The stock price has witnessed a deep dive recently and is st...
We remain positive on Vietnam equities in the long term due to the following structural catalysts: better domestic demand, companies’ earnings prospect, economic activities and FDI inflows on the back of broader economic reopening and fiscal stimulus package disbursement. These factors will provide an efficient buffer against higher, albeit in control, inflation and external risks namely geopolitical uncertainties and slowing global growth. We also see upside potential from the perspective of...
· Core business grew but the bottom line was impacted by financial income and other profit. · The company continues its fleet expansion strategy with a focus on chemical vessels. In addition, profit from liquidating vessel, especially PVT Athena, will boost PVT's earnings, especially in 2Q2022. Revenue and NPATMI are expected to reach VND 8,554 bn (USD371.9mn) (16.1% YoY) and VND 896 bn (USD 38.9 mn) (34.5% YoY). · Revenue and NPATMI are forecasted to post VND 2...
Q2 21 RESULTS: IMPROVEMENT IN GROSS MARGIN THANKS TO TRANSPORT SEGMENT * Q2 21 sales increased by 3.1% yoy to VND1,873bn (US$83.2mn). Excluding commercial sales, Q2 21 revenue decreased by 1.4% yoy to VND1,638bn (US$72.8mn). The transportation segment recorded VND1,356bn (US$60.24mn) in revenue, up 1.6% yoy while FSO/FPSO's revenue was VND195bn (US$8.6mn), down 11.3% yoy. * Q2 21 gross margin improved to 17.3% from 14.3% (in Q2 20), driven by the transportation segment. Gross profit su...
Despite difficulties from BSR, PVT is forecasted to keep growing in 2021 thanks to its fleet expansion strategy and one-off profit. We believe that PVT can maintain this momentum in the next few years. However, the stock price has been rising recently, making it less attractive at this level. With the expected return of 12.6% (including cash dividend of VND1,000), compared to the closing price on September 24, 2021, we recommend to ACCUMULATE with a target price of VND24,570 per share.
The outperformance of smaller market cap stocks compared with the returns on VN Index in July was generally in line with our expectations. As such, reducing the weight on our recommendations on some large cap stocks in steel and banking sectors, namely HPG, VCB, ACB, in the last month has helped lessen the impact of the market downturn among our coverage. Overall, 10 out of our 11 Buy recommendations have outperformed the VN Index in the last month. Robust Q2 21 earnings growth and the market...
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....
PVT announced its Q2 20 results (unaudited) with revenue of VND1,829bn, down 17.3% yoy and NPATMI of VND201bn, down 10.8% yoy. But the bottom line recovered strongly compared to the previous quarter, with growth of 2.97%. The second quarter result is above our expectations. We believe that PVT's profit bottomed out in Q1 20 and will gradually improve in the coming quarters. Although it will be difficult to maintain growth in profit for FY 20, it will create a low "base" for the company to re...
PVT announced iQ1 20 results with VND1,578bn in revenue (-15.3% yoy) and VND67bn in NPATMI (-54% yoy). Key highlights: * Total sales declined due to the trading segment while the core business – transportation, posted a slight growth of 1.4% to VND1,156bn. The oil & gas services segment increased by 15.3% to VND271bn. * The gross margin was down from 14.7% (Q1 19) to 14.3%. However, the gross margin plunged from 19.5% to 14.1% if excluding the trading sales. As a result, the gross profit dr....
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.
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 exp...
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