External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Petrovietnam Technical Servi / Equity Bottom-Up

<ul><li style="text-align: justify;">We lower our target price (TP) for PVS by 4% to VND48,800/share but maintain our BUY rating.</li><li style="text-align: justify;">Our lower TP is mainly due to (1) our 9% lower aggregate 2024-2028F NPAT-MI forecast (respective changes of -4%/-9%/-23%/-16%/+11% for 2024/25/26/27/28F), which is partly offset by (2) the positive impact of rolling our TP horizon forward to end-2025.</li><li>Our lower aggregate NPAT-MI forecast is driven by (1) a 19% lower 2024-2028F M&amp;C backlog assumption due to (a) removal of the Block B’s USD310mn offshore gas pipeline contract, (b) and a one-year delay for Blue Whale to 2027-2030F and the Son My LNG Terminal to 2027- 2030F (see page 4 for details). These factors outweigh (2) 8% higher aggregate profit from FSO/FPSO JVs.</li></ul><p><em>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.</em></p>

We lower our target price (TP) for PVS by 4% to VND48,800/share but maintain our BUY rating.Our lower TP is mainly due to (1) our 9% lower aggregate 2024-2028F NPAT-MI forecast (respective changes of -4%/-9%/-23%/-16%/+11% for 2024/25/26/27/28F), which is partly offset by (2) the positive impact of rolling our TP horizon forward to end-2025.Our lower aggregate NPAT-MI forecast is driven by (1) a 19% lower 2024-2028F M&amp;C backlog assumption due to (a) removal of the Block B’s USD310mn offshore gas pipeline contract, (b) and a one-year delay for Blue Whale to 2027-2030F and the Son My LNG Terminal to 2027- 2030F (see page 4 for details). These factors outweigh (2) 8% higher aggregate profit from FSO/FPSO JVs.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.

PVS VN - Earnings to Accelerate from Q4 on Substantial M&C Backlog