PVT [BUY +26.2%] - Robust global freight rates to boost 2023 operating profit - Update
  • 2022-11-30T00:00:00
  • Company Research

- We lower our target price for PVT by 11% to VND23,100/share as we increase our both equity risk premium and cost of debt assumptions by 100 bps but maintain our BUY rating. Meanwhile, we keep our 2022-2026F NPAT-MI nearly unchanged. 

- We expect 2023F recurring NPAT-MI growth of 18.0% YoY that will be mainly contributed by the crude and oil product/chemical segment as we anticipate the global tanker rates (after a robust growth in 2022) to stay high in 2023 and reflect in PVT’s earnings. In addition, we expect flat 2023F reported NPAT-MI, which is supported by 18.0% YoY recurring NPAT-MI growth and offset by not having tanker liquidation gains as in 2022.

- PVT has strong financial capacity with VND3.7tn (USD149mn) of cash on hand at end-Q3 2022.

Powered by Froala Editor