We reiterate BUY on PVT and raise our target price by 3.7% thanks to a DCF valuation roll-over and ~9% upward revision in 2020-2022F earnings given a higher margin for coal transportation, despite trimming 2018-2019F earnings by ~1%-2% and a higher risk-free rate. We expect recurring 2019 EPS growth of 10.5%, bolstered by a rising utilization rate at Nghi Son refinery (NSR), initial contribution from a new crude tanker and a new coal vessel.