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PVD - NON RATED - Invests to up its game - AGM Note

2012 targets set slightly higher than our forecasts; margin could have been more aggressive. AGM approved a revenue target of VND10,100bn (+9.7% YoY) and NPAT target of VND1,150bn (+7.8% YoY). Despite contribution of the new TAD at US$205,000 day-rate, 2012 revenue growth target will therefore be only a half of actual growth in 2011 (+21.6%).