PGS - BUY - Cheap valuation, ASPs revisions provide earnings upside - Update

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We reiterate a BUY recommendation on PGS and raise target price from VND20,600 to VND30,300. Net earnings increased 20.7% YoY on a 50.4% jump in sales in the first quarter and looks to be on pace to beat our previous estimates of a 15.6% increase in revenue and 1.2% increase in net income for the full year. PGS is trading at an undemanding PER of 3.8x our expected 2012 earnings of VND6,341 per share.
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