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PVD - BUY - Higher TAD gross margin lift earnings forecast - Update

We increase target from VND46,500 to VND52,400 (upside 43%, BUY). Consolidated 9M2012 revenue hit VND8 trillion or USD383 million (+22% yoy) and net income hit VND1.1 trillion or USD52.6 million (+30% yoy) on the back of higher gross margins in the Tender Assisted Drill (TAD), PVD I and well-technical services. Well-technical and others related services continue to performed well and account for 30% total of net profits.