We raise our target price (TP) for PVT by 3.5% to VND23,900/share and maintain our BUY rating. Our increased TP is mainly due to our 5.5% higher aggregate 2023-2027F NPAT-MI that comes from our higher tanker rate projection.

We forecast 2023F recurring NPAT-MI growth of 23.8% YoY that will be mainly contributed by the oil product/chemical segment as we believe PVT’s renewal of contracts at higher rates in Q4 2022 will help its tanker rates in 2023. We also expect PVT’s higher tanker rates will outweigh lower BSR transport volume (due to its 50 days of maintenance). However, we expect a 4.3% YoY decline in 2023F reported NPAT-MI as PVT will not have significant tanker liquidation gains as in 2022.