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PVS [BUY +25.5%] - Oil price collapse was fully reflected in third quarter - Update

We reduce our TP for PVS by roughly 50% to VND 17,200 per share, but maintain our BUY rating on the stock: TP is highly sensitive to oil prices: Our target price is based on an oil price assumption of $40/bbl throughout the forecast horizon. If we were to assume $30/bbl, it would nearly wipe out our TSR and change our rating to MP (see Figure 10).