- PVS released its H1 2023 results with revenue of VND8,414bn (USD357mn; +11.0% YoY) and reported NPAT-MI of VND439bn (USD19mn; +97.0% YoY). We note that official H1 2023 PBT was VND559bn (USD24mn) — 27% higher than the preliminary PBT result.

- H1 2023 revenue and reported NPAT-MI achieved 43.5% and 45.9% of our respective full-year forecasts and were in line with our expectations. We expect the completion of the Gallaf – Phase 3 (Qatar) and Shwe (Myanmar) projects, contributions from offshore wind farm contracts in Taiwan and Poland, and higher profit from FSO/FPSO joint ventures (JVs) to support H2 2023 earnings. As a result, we foresee insignificant changes to our current 2023F forecasts, pending a fuller review.

- We see potential upside to our long-term projections for PVS due to the potential of Phase 2 of the Block B Project (estimated contract value of USD4.2bn). See more in our Energy Sector Report, published July 24, 2023.

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