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PVS - Better-than-expected Q1 on Seismic Survey segment recovery - Earnings Flash

Q1 2017 revenue dropped -24.0% while NPAT-MI declined only 9.6% vs. Q1 2016. Q1 NPAT-MI achieved 32.3% of 2017 forecast and was slightly better than we expected. Q1 results were boosted by Seismic Survey & Remotely Operated Vehicle (SS&ROV) segment, which recognized a small gain in Q1 2017 versus huge loss in Q1 2016. Given aforementioned Q1 results, coupled with recent positive developments of Red Emperor projects (see our AGM note), we do not foresee material changes to our target price