PVD reported 1HFY13 net profit growth of 41% yoy, which we believe the company will further improve in 2H thanks to day-rate increase and the recognition of profit from its joint venture – PVD Baker Hughes in 2011 and 2012. We suspended our report on PVD 6 months ago in the course of a new equity issuance of 38 million new shares. Since our BUY recommendation on 10 October 2012, the stock has moved up 60% and surpassed our target price.