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PVS [MARKET PERFORM -7.3%] - Awaiting huge gas development project in 2019 - Update

We maintain a MARKET PERFORM recommendation but lift our target price by 18.9% thanks to higher 2018-2022 earnings forecasts, despite a higher risk-free rate and risk premium. We forecast 2018 recurring EPS to drop by 26.2% YoY due to a loss from the dissolution of the Seismic Survey, lower day rates for floating oil storages (FSO, FPSO) Lam Son and Bien Dong.