Published Date: 12/11/2024
- In 3Q24, PVD’s net profit increased 21% yoy and 31% qoq yoy thanks to higher average jack-up rig day rates yoy and the absence of maintenance cost. PVD’s net profit for 9M24 rose by 26% yoy, completed 49% our previous full-year forecast.
- We expect the PVD’s net profit to increase by 13.7%/39.9%/9.5% in FY24-26F, respectively, thanks to a solid rig day rate environment and contribution of the new jack-up rig, expected to be in 2Q25.
- Reiterate ADD rating with a lower target price (TP) of 31,400 VND/share, as a lower base of oil price and rig market surplus may affect the stock’s attractiveness.
