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PVD [U-PF -18%] – Fresh lows in crude prices will cause severe pain – Update

We cut our target price for PVD by 52% to VND 14,500/share and downgrade the stock to a UNDER PERFORM based on the following factors: e lower our base case assumption for oil prices due to recent declines. Brent crude oil has fallen below USD30 / bbl, triggering a material cut in EIA’s forecast to USD40 / bbl for 2016. This leads us to revise our base-case oil price assumption to USD 30/bbl from USD 50/bbl assumed in our last PVD update.