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PVS - OUTPERFORM - M&C business resilient – stock oversold - AGM

Management continues practice of setting conservative target: NPAT guided to decline 47% on 14% decline in revenue at oil price US$65. AGM approved FY15 cash dividend of VND1,200 (yield 5%), same as FY14 level, which is expected to be paid by Jul-15 . PVS secures US$360mn worth of new upstream and downstream M&C contracts in 1Q15, proving its ability to win projects in low oil price environment; amount is equal to over half FY14 M&C revenues.