External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

PetroVietnam Drilling and Well Services / Equity Bottom-Up

PetroVietnam Drilling and Well Services (PVD VN)

<ul><li>We lower our target price (TP) for PVD by 14% to VND30,800/share but maintain our OUTPERFORM rating as PVD’s share price has declined 15% over the last three months.</li><li>Our lower TP reflects a 14% lower aggregate 2024-2028F reported NPAT-MI forecast (respective changes of -9%/-26%/-13%/-12%/-12% for 2024/25/26/27/28F).</li><li>Our lower aggregate reported NPAT-MI forecast is due to (1) lowering our projections for well-related services revenue and lower profit from associate companies following H1 2024’s results, and our assumption for a delay in Block B’s groundbreaking from mid-2024 to late-2024.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We lower our target price (TP) for PVD by 14% to VND30,800/share but maintain our OUTPERFORM rating as PVD’s share price has declined 15% over the last three months.Our lower TP reflects a 14% lower aggregate 2024-2028F reported NPAT-MI forecast (respective changes of -9%/-26%/-13%/-12%/-12% for 2024/25/26/27/28F).Our lower aggregate reported NPAT-MI forecast is due to (1) lowering our projections for well-related services revenue and lower profit from associate companies following H1 2024’s results, and our assumption for a delay in Block B’s groundbreaking from mid-2024 to late-2024.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PVD [OUTPERFORM +11.4%] - Lowering forecasts on slower domestic E&P spending - Update