PVT - Muted Q2 2022 profit still within expectation

- PVT released H1 2022 results with revenue rising 19.7% YoY to VND4.3tn (USD186mn) and recurring NPAT-MI edging up 1.1% YoY to VND334bn (USD15mn).

- The higher H1 2022 revenue was driven by 1) contributions from new tankers acquired in H2 2021 and 2) a recovery of transportation demand. Nevertheless, the subdued recurring NPAT-MI growth in H1 2022 was due to surging interest expenses and lower interest income following PVT’s accelerated tanker fleet expansion. Reported NPAT-MI declined 3.3% YoY as there was no one-off profit from tanker liquidation in H1 2022.

- PVT continued to expand its fleet in H1 2022 with total capex of VND1.1tn (USD48mn), completing 51.1% of our full-year forecast and in line with our expectation.