- PVT released Q1 2023 results with revenue of VND2tn (USD87mn; +1% YoY) and reported NPAT-MI of VND182bn (USD8mn; +19% YoY), completing 20.4% and 22.1% of our respective full-year forecasts and trailing our expectations. We attribute the lower-than-expected NPAT to PVT renewing some of its international contracts at lower tanker rates in Q1 2023 compared to Q4 2022. 

- The strong YoY reported NPAT-MI was mainly driven by the transportation segment, with contributions from new tankers acquired in 2022 and the tanker rate increasing YoY. In addition, PVT had net financial gains of VND9bn instead of a loss of VND13bn in Q1 2022.

- The limited revenue growth was due to 31% YoY decline of the FSO, trading & others segment, which offset the strong revenue growth of the transportation segment.

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