- 2024-07-29T00:00:00
- Company Research
- PVT released its Q2 2024 results with revenue of VND3.0tn (+41% YoY) and reported NPAT-MI of VND287bn (-8% YoY). The actual PBT is VND459bn (-7% YoY), which is 30% higher than the preliminary number.
- Q2 2024 gross profit and EBIT surged 41% YoY and 52% YoY, respectively. Despite Binh Son Refinery (PVT’s largest crude transportation client) undergoing a turnaround from March 15 to May 1, PVT managed to offset the lower crude transportation volume for BSR by deploying its crude tankers on overseas routes and capitalizing on favorable time charter rates. Additionally, earnings growth was bolstered by new contributions from vessels acquired in 2023 (+35%/67%/57% YoY growth in total fleet/oil product/LPG capacity, respectively).
- Q2 2024 reported that NPAT-MI decreased 8% YoY, due to a net other loss of VND63bn vs net other income of VND84bn in Q2 2023 (from the tanker divestment gains). We are contacting PVT to have further details on this. Adjusting for these factors, the recurring NPAT-MI for Q2 2024 is VND363bn, representing strong 50% YoY growth.
- For its H1 2024 results, revenue was VND5.5tn (+33% YoY) and reported NPAT-MI was VND506bn (+2% YoY). The lower growth in reported NPAT-MI compared to revenue mainly due to a net other loss of VND49bn and 77% YoY increase in financial expenses, which offset the 58% increase in EBIT. We estimate the recurring NPAT-MI is VND602bn (+48% YoY).
- H1 2024 results are in line with our expectations, completing 45% and 49% of our 2024 respective full-year revenue and recurring NPAT-MI forecasts. As a result, we foresee insignificant risks to our recurring earnings forecast, pending a fuller review.
- Crude oil and oil product/chemical tanker rates remained higher YoY in H1 2024 as the tonne-miles demand growth still outpaces the tanker supply growth. (1) The Aframax tanker rate (we use this as a benchmark for crude tanker rates) averaged USD48,400/day in H1 2024 (+8% YoY). (2) The medium range (MR) tanker rate (we use this as a benchmark for oil product tanker rates) averaged USD29,900/day in H1 2024 (+6% YoY). (3) The Handymax tanker rate (we use this as a benchmark for petrochemical tanker rates) averaged USD27,700/day in H1 2024 (+9% YoY).
PVT’s H1 2024 results
VND bn | Q2 2023 | Q2 2024 | YoY | H1 2023 | H1 2024 | YoY | % of Vietcap’s 2024F |
Revenue | 2,116 | 2,994 | 41% | 4,159 | 5,530 | 33% | 45% |
Transportation | 1,801 | 2,311 | 28% | 3,468 | 4,414 | 27% | 43% |
FSO, trading & others | 315 | 683 | 117% | 691 | 1,117 | 61% | 56% |
Gross profit | 496 | 698 | 41% | 823 | 1,224 | 49% | 45% |
Transportation | 412 | 620 | 50% | 673 | 1,069 | 59% | 45% |
FSO, trading & others | 84 | 78 | -7% | 149 | 155 | 4% | 46% |
Sales & marketing exp | -3 | -4 | 25% | -6 | -6 | 7% | 35% |
General admin exp | -101 | -99 | -2% | -158 | -176 | 12% | 37% |
Operating profit (EBIT) | 392 | 595 | 52% | 659 | 1,041 | 58% | 47% |
Financial income | 97 | 67 | -31% | 187 | 129 | -31% | 64% |
Financial expenses | -88 | -149 | 71% | -169 | -300 | 77% | 66% |
In which, interest expense | -78 | -99 | 27% | -148 | -206 | 40% | 50% |
Share profit/loss from associates | 6 | 9 | 42% | 13 | 12 | -11% | 42% |
Net other income/loss | 84 | -63 | N.M. | 103 | -49 | N.M. | N.M |
NPAT-MI, reported | 312 | 287 | -8% | 494 | 506 | 2% | 41% |
NPAT-MI, recurring | 242 | 363 | 50% | 408 | 602 | 48% | 49% |
EBITDA | 696 | 991 | 42% | 1,259 | 1,783 | 42% | 47% |
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| Δ ppts |
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| Δ ppts |
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Gross profit margin | 23.4% | 23.3% | -0.1 | 19.8% | 22.1% | +2.4 |
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Sales & marketing % sales | 0.1% | 0.1% | -0.0 | 0.1% | 0.1% | -0.0 |
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General admin % sales | 4.8% | 3.3% | -1.5 | 3.8% | 3.2% | -0.6 |
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EBIT Margin | 18.5% | 19.9% | +1.3 | 15.8% | 18.8% | +3.0 |
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Reported NPAT-MI margin | 14.8% | 9.6% | -5.2 | 11.9% | 9.2% | -2.7 |
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Recurring NPAT-MI margin | 11.4% | 12.1% | +0.7 | 9.8% | 10.9% | +1.1 |
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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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