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PVS [Upgrade to BUY +34%] – Supply base services bright spot – Update

Upgrade to BUY and retain TP of VND32,300. Stock is undervalued, trading at PER of 7.5x VCSC FY15E EPS of VND3,168. 1Q15 NPAT rose 23% vs. 1Q14 thanks to contribution from new FPSO Lam Son, which was not in operation in 1Q14 - excluding this, NPAT was down 9%. Supply base (port services), up 11%, was bright spot as trade activities and new refineries construction prop up demand; other core services down 30%.