We maintain our OUTPERFORM rating and target price of VND18,400/share. We reiterate our optimistic view on PVT’s long-term outlook that stems from rising crude/chemical/LPG transportation demand. We keep our 2021-2025F earnings forecasts nearly unchanged. We forecast flat 2021 recurring EPS growth as we expect a slight recovery in the transportation segment and stable profit from FSO to offset a profit decline from the trading segment. While we expect transportation volume for crude/chemical