レポート名 PVT_BUY_TP 24,300_Upside 22%_Gains from Improved Rates _BSC_Vietnam company update
レポート類 Phân tích công ty
ソース BSC
会社 PVT
ディテール 日付 : 30/11/2022
総ページ数 : 9
言語 : English
File Type : .PDF
FileSize : 699 Kb
ダウンロード: 104
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要約

 

Valuation

BSC maintains its BUY recommendation for PVT, and adjusts its target price for 2023 to 24.300 VND/share (equivalent to an upside of 22.4% compared to the closing price on 29/11/2022 is 19.850 VND/share) based on two valuation methods FCFF and P/E with a weighting of 50% - 50%. 

Forecast business results

 BSC forecasts that PVT's Net Revenue and Profti after tax in 2022 are VND 8,780 billion (+19.2% YoY) and 1,113 billion VND (+32.8% YoY), EPS FW = 2,817 VND/share assuming (1) The average charter price increased by 15% YoY thanks to adjusted T/C contracts with higher rates, and (2) Recorded an additional VND 200 billion in profit from the liquidation of the Athena PVT ship.

 In 2023, BSC forecasts that PVT's Net Revenue and Profit after tax will respectively reach VND 11,025 billion (+25.6% YoY) and VND 1.202 billion (+8.0% YoY), EPS FW = 3,058 VND/share with the assumption (1) The time charter price continues to increase by 20% YoY, (2) Dai Hung Queen's daily charter price continues to remain high, (3) Recorded an additional VND 60 billion in profit from the liquidation of Song Hau Eagle and PVT Dragon.

Investment Perspectives

  • Charter rates tend to increase due to tight supply and are forecast to maintain a high background soon.
  • PVT's freight rate is expected to grow positively in the coming period thanks to the renewal of new contracts from the end of 2022.
  • Long-term growth prospects thanks to plans to expand and rejuvenate the fleet. 

Risk

  • Russia and Europe reach a joint agreement on energy, thereby reducing pressure on gasoline and gas supplies, causing freight rates to fall.
  • The economy recovered slowly, affecting transport demand. 

Business Updates

 In Q3/ 2022, PVT's net revenue reached VND 2,330 billion (+39% YoY), of which revenue from transport services reached VND 1,807 billion (+45% YoY), marine services reached VND 202 billion, equivalent to the same period, and commercial and other services reached VND 321 billion (+38% YoY). Meanwhile, PVT's profit after tax increased dramatically, reaching VND 386 billion (+152% YoY) due to other profits of more than VND 200 billion from the liquidation of Athena. 

 Accumulated in 9M/2022, PVT's net revenue reached VND 6,609 billion (+25% yoy), and profit after tax reached VND 838 billion (+37% yoy), respectively completed 102% of the revenue plan, and 173% of the full-year profit plan