- We raise our target price (TP) for PVT by 12% to VND33,800/share and maintain a BUY rating. Our higher TP is driven by our 10% higher aggregate 2024-2028F recurring NPAT-MI forecast (respective changes of 7%/+3%/+11%/+15%/+14% for 2024/25/26/27/28F). 

- Our higher aggregate recurring NPAT-MI forecast is due to (1) new contributions from one new vessel acquired in July 2024 and (2) our higher tanker rate assumption, which outweigh (3) delaying the Aframax investment from 2025 to 2026, Very Large Crude Carrier (VLCC) investment from 2026 to 2027, and (4) higher forecast depreciation expenses (page 4).

- We forecast 2024 recurring NPAT-MI to grow by 49% YoY due to (1) full-year contributions from vessels acquired in 2023 (+35%/+67%/+57% YoY growth in respective total fleet/oil product/LPG capacity), and (2) we expect PVT's crude oil overseas tanker rates to grow by 9% YoY and oil product/chemical tanker rate to grow 7% YoY in 2024. H1 2024 recurring NPAT-MI surged 48% YoY to VND602mn.

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