We increase our target price to VND123,800 (adjusted for a recent share split at a ratio of 10:1) supported by higher FY14 NPAT growth of 21.9% yoy (up from 13.3%) and on expectation that PVD will be a natural beneficiary from rising capex in O&G upstream activities in the near future. Looking forward to 2015, bottom line growth of 20.2% will be fuelled in part by PVD VI, the new JU on track for 1Q15.