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PXS - Fairly priced as demand for services resilient but gross margins squeezed - Visit Note

FY15 guidance points to 18% earnings drop before recovering in 2016. 2015 revenue guidance is 97% of current backlog (see page 3). Company seeking approval to raise capital by 20% in 2015 and by another 25% in 2016 to increase port capacity. At its current price, PXS is fairly priced with FY15E PE of 10.7x on FY15 EPS of VND2,028 (-18% vs. 2014) management’s guidance vs. its local peer, PVS, whose FY15E PE is 10.8x.