Research Center
Quay lại

PVT [OUTPERFORM +10.1%] - Moving toward a bright future - Update

We raise our target price for PVT by 17% and upgrade to an OUTPERFORM rating, mainly attributed to a lower discount rate and DCF rollover, as well as 38% lower capital expenditure for the very large crude carrier (VLCC) in 2019. Our 2017 forecasts remain relatively unchanged, in which reported EPS drops 14.1% as a periodic maintenance at Dung Quat refinery lowers utilization of the fleet.