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PVS - Weak earnings due to limited jobs, as expected - Earnings Flash

PVS’s H1 2018 revenue was flat while NPAT-MI dropped 42.9% YoY. The drop in net profit was due to 1) a loss from the Seismic survey segment due to low workload and 2) lower day rates of floating oil storages (FPSO/FSO), i.e., FPSO Lam Son and FSO Bien Dong. H1 revenue and net profit completed 71.3% and 51.6% of our respective full-year forecasts. This result implies very weak Q2 NPAT-MI of VND69bn (USD3.0mn, -77.6%YoY). Still, the Sao Vang-Dai Nguyet project did not contribute significantly