PVDrilling (PVD VN) – AGM Highlights

BUY
Current price (Apr 26): VND 20,700
Target price: VND 36,103
Upside: +74.4%	Management put forth an optimistic view on the drilling market and expects a turnaround in profit in 2023 underpinned by stronger day rates. Specifically, 2023 PAT target is set at VND100bn, but management stated that it expects PAT to exceed VND200bn, substantial improvement from net loss of VND154bn YoY. The management also disclosed 1Q23 preliminary PAT of VND52bn, fulfilling 52% of the 2023 PAT guidance.