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PVD - OUTPERFORM - PVD locks in better-than-expected day rate for new rig, TP and earnings forecast raised - Update

USD150-155k day rate for new PVD VI rig is only 3% lower than rates for PVD II and PVD III, currently signed at USD155k-160k. We expect the two latter rigs to be renewed at the PVD VI rate in 1Q15. TP raised to VND89,000 based on 7% increase to FY15 NPAT forecast as we previously modeled for day rates of USD140k. Despite 46% valuation upside, PVD stock still driven by bearish view on oil prices, which keeps our rating at OUTPERFORM.