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PVT - Positive 2018 outlook; focus on rejuvenating the fleet - AGM Note

PVT’s AGM today was very crowded, reflecting the high interest PVT is receiving from investors who asked many questions regarding the transportation contract for Nghi Son refinery (NSR), 2018 guidance and the Government’s divestment plan. Management guides for 14.3% and 28.1% declines in revenue and earnings, respectively, which is very conservative as always. We are forecasting 2018 earnings growth of 7.1% and will revise up our earnings forecast.