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PVS [O-PF +16.1%] - Surprise seismic survey job wins to offset lower FPSO day rates - Update

Better-than-expected Q1 2016 results, together with the faster-than-expected recovery in oil prices, leads us to believe that 2016 results might come in better than previously anticipated. We raise our target price for PVS by 14.4% to VND19,900 and lift our rating to OUTPERFORM, despite the recent rally in PVS’s share price passed our previous TP.