- 2024-04-26T00:00:00
- Company Research
- PVT released strong Q1 2024 results with revenue of VND2.5tn (+24% YoY) and reported NPAT-MI of VND231bn (+27% YoY). This performance was mainly supported by (1) 72% YoY higher gross profit from the transportation business driven by new contributions of new vessels acquired in 2023, coupled with higher tanker rates; and (2) 13% YoY higher gross profit from the floating oil storage & other segment.
- Q1 2024 results are in line our expectations, which are equivalent to 21% and 19% of our revenue and reported NPAT-MI full-year forecasts, respectively. Therefore, we foresee insignificant changes to our earnings forecast, pending a fuller review.
- We maintain our BUY rating with a target price of VND30,100/share, as stated in our recent PVT update report dated April 25, 2024.
Crude oil and oil product/chemical market remained favorably intact in Q1 2024 with the international average tanker rate higher YoY. In Q1 2024, the average Aframax tanker time charter rate in the international market (we use this as a benchmark for crude tanker rates) increased to USD43,700/day (+14% YoY; +11% QoQ), and the average of the medium range (MR) tanker time charter rate in the international market (we use this as a benchmark for oil product tanker rates) increased to USD28,900/day (+1% YoY; +11% QoQ). We anticipate the tanker rate for both segments to remain high in 2024 as the tonne-miles demand growth still outpaces the tanker supply growth. We believe this development will support PVT’s 2024 outlook.
PVT’s Q1 2024 results
VND bn | Q1 2023 | Q1 2024 | YoY | % of Vietcap’s 2024F |
Revenue | 2,043 | 2,536 | 24% | 21% |
Transportation | 1,666 | 2,103 | 26% | 20% |
FSO, trading & others | 377 | 433 | 15% | 22% |
Gross profit | 326 | 526 | 61% | 20% |
Transportation | 261 | 449 | 72% | 19% |
FSO, trading & others | 66 | 74 | 13% | 22% |
Sales & marketing exp | -3 | -3 | -9% | 16% |
General admin exp | -57 | -77 | 36% | 16% |
Operating profit (EBIT) | 266 | 446 | 67% | 20% |
Financial income | 90 | 62 | -31% | 31% |
Financial expenses | -81 | -139 | 70% | 31% |
In which, interest expense | -70 | -108 | 54% | 26% |
Share profit/loss from associates | 7 | 3 | -61% | 10% |
Net other income/loss | 19 | 14 | -26% | 54% |
NPAT-MI, reported | 182 | 231 | 27% | 19% |
NPAT-MI, recurring | 166 | 239 | 44% | 19% |
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| ppts change |
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Gross profit margin | 16.0% | 20.7% | +4.8 |
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Sales & marketing % sales | 0.2% | 0.1% | -0.0 |
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General admin % sales | 2.8% | 3.0% | +0.3 |
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EBIT Margin | 13.0% | 17.6% | +4.5 |
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Reported NPAT-MI margin | 8.9% | 9.1% | +0.2 |
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Source: PVT, Vietcap, (Note: Recurring NPAT = operating profit + interest income – interest expense + income from JVs (not accounting for FX gain/loss and profit from asset disposal)
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