We nudge up our TP for PVS by ~1% but upgrade our rating from MARKET PERFORM to OUTPERFORM as the company’s share price has declined by 22% over the past three months. We are optimistic on PVS’s recovery from 2022F and job opportunities from the Block B project and LNG/offshore wind projects. PVS’s valuation looks attractive at PEG of 0.5, in our view.