We maintain our BUY rating and reiterate our optimistic long-term outlook for PVT that stems from rising crude, LPG and chemical transportation demand.

We trim our target price by 4% due to our 50-bp higher risk-free rate assumption. Meanwhile, we keep our 2022-2026F NPAT-MI nearly unchanged.

We expect 2022F recurring net profit growth of 23.8% YoY thanks to 1) revenue & profit contributions from a very large gas carrier (VLGC) and chemical tankers acquired in 2021 and 2) a 5% increase in tanker rates. We expect 2022F reported net profit to be supported by a VND100bn (USD4.3mn) gain from the Athena crude tanker liquidation.