From January 19, 2024, the Research Center will be moved to Vietcap IQ
toggle icon
logo text
logo symbol
toggle icon
Back

PVS [BUY +24.9%] - Potential day rate cut partially offset by termination payment - Update

Company Research

11 Apr 2017

We lower our target price for PVS by 1% as lower profit from FPSO Lam Son outweighs 90 bps reduction in WACC, but we upgrade to BUY rating on the recent share price drop. Lam Son JOC, a 50:50 JV of PVEP and Petronas Vietnam terminated its contract to lease FPSO Lam Son to PTSC Asia Pacific, a 49:51 JV of Yinson and PVS. We expect PetroVietnam to redeploy FPSO Lam Son but at a lower day rate.
Tags: PVS

Contact us for a research access: (+84) 2 8888 2 6868

/trung-tam-phan-tich