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PXS - NON-RATED - Overpriced M&C contractor sets cautious guidance in oil slump - Update

FY14 revenue and NPAT soared by 65% and 62% vs. 2014 respectively, exceeding management guidance by 50%. Management guiding for only 5% increase in revenue but PBT would slide by 19% on lower margin expectations in tough oil environment. 105% FY15 revenue target is secured by current backlog (Page 3). At its current price, PXS is overpriced at PER of 11.0x FY15 EPS of VND2,028 (-18% vs. 2014) based on management’s guidance.