- We increase our target price (TP) for PVS by 6.4% to VND43,500/share but downgrade our rating from BUY to OUTPERFORM. Our increased TP is due to our 1% higher aggregate 2023-2027F reported NPAT-MI (respective changes of -4%/+4%/+1% for 2023/2024/2025) and the positive impact of rolling our TP horizon to end-2024.

- We raise our 2023-2027F aggregate reported NPAT-MI by 1% as 1) we increase 2024F profit from FSO/FPSO segment by 53% to VND838bn (65% to PVS’s NPAT-MI) due to PVS extending another one-year contract for FPSO Ruby II at a day rate of USD92,500 and 2) we incorporate the USD73mn Yellow Camel’s gas pipeline contract and the USD100mn Fengmiao contract (Taiwan) (the fourth offshore wind power contract), which nearly offset lower contract value of the first M&C contract of the Block B project (revised down from USD600mn to USD400mn).

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