PVT [BUY +22.1%] - Looking forward to good news from Nghi Son refinery - Update
We marginally raise our target price by 1.5%, mainly driven by a slight upward revision of 2017 earnings. We maintain a BUY recommendation on PVT with 22.1% total return. Strong Q1 results. Q1 2017 revenue and NPAT increased 7.7% and 44.1%, respectively, vs Q1 2016, driven by good performance of the transportation segment and abnormal profit from the PVTec joint venture (JV). We revise our 2017F NPAT growth to -12.3% YoY vs previous forecast of -16.3%.