INVESTMENT THESIS

Abundant workload from domestic gas exploitation and power projects. In the period of 2024-2030, Vietnam will promote the mobilization of output from gas and electricity, this could be a golden period for Vietnamese oil and gas stocks, especially for PVS with its presence in almost the entire oil and gas exploitation value chain in Vietnam. Thr Block B O Mon project will be a strong catalyst for PVS in the period of 2025-2026 as well as the operational stages until the end of the project life cycle (2049).

Revenue and profit expand from expanding service to other Asian markets.

Expect to penetrate deeply into the domestic and international offshore wind power sector. Currently, PVS has laid the foundation for a development strategy in this field by participating in renewable energy projects in the region as well as participating in the wind power export project to Singapore through a contract with Sembcorp.

Port services, FSO/FPSO services and technical ship services bring stable profits and high profit margins.

Strong financial health.

RECOMMENDATION

We recommend “Buy” PVS stock with a target price of VND 46,000/share, corresponding to an expected return of 15%.

GTJASVN_PVS Equity Report_Initial Report_Sep2024_en ver