- PVT released resilient H1 2023 results with revenue of VND4.1tn (-3.3% YoY) and reported NPAT-MI of VND475bn (+32.2% YoY), completing 41.9% and 57.1% of our respective full-year forecasts and slightly ahead of our expectations. Furthermore, H1 2023 recurring NPAT is VND405bn (+21.6%), completing 50.1% of our full-year forecast. Therefore, we foresee a slight upside potential to our current forecast, pending a fuller review.

- We primarily attribute the 3.3% YoY lower revenue decrease to PVT's loss of one operation and maintenance (O&M) contract for the FPSO Lewek Emas (in line with our expectation), which nearly offset strong 20.5% revenue growth in the transportation segment. Meanwhile, the 47.3% YoY higher gross profit from the transportation business was supported by (1) high time charter rates for this key segment, (2) a higher contribution from new tankers acquired in 2022, and (3) the Dung Quat Refinery operating at a 110% utilization rate, outweighing a 23.9% decrease in gross profit from the FSO, trading & others segment. Additionally, lower operating costs, a surge in interest income, and gains from fleet divestment contributed to a strong 32.2% increase in NPAT-MI in H1 2023.

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