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PVS [M-PF +9.6%] - M&C stays strong, but Red Emperor’s risk is rising - Update

We cut our target price 12.4% and downgrade PVS from BUY to MARKET PERFORM (M-PF) as we apply a 15% discount to our target price amid the rising risk at Red Emperor field. We expect 2017F EPS growth to be -24.9% YoY, up from our previous forecast of -33.5% YoY, mainly driven by better-than-expected performance of Seismic Survey & ROV (SS&ROV) and Mechanics & Construction (M&C) segments.