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PVD [M-PF +7.3%] – Day Rates Heading Lower – Update

We downgrade to MARKET PERFORM and cut TP by 16% to VND44,500 (adjusted for recent stock dividend at 100:15). Oil recovery is stalled with Brent below USD 50. In an analyst meeting, PVD gave a guidance of a floor day rate of USD 120,000 if oil falls below USD 55 on JUs. TAD day rate will be adjusted down 7.3% retrospectively applied from 2Q to get contract extension.