PetroVietnam Technical Services Corporation (PVS) is a leading full-package solution provider in energy sector with focus on offshore oil and gas industry. After 9 months of 2023, PVS has completed 95% of its revenue target and exceeded its annual profit target by more than 8%. In 2024, we estimate PVS's NPAT to grow nearly 26% YoY, thanks to (1) oil prices are expected to remain at a high level (about 80 USD/barrel), which will encourage M&C activities and (2) the contribution of the new wind power projects such as Fengmiao (Taiwan), Baltica 2 (Poland),… Based on DCF methods, we update PVS’s target price at VND 42,500 and maintain BUY rating with an increase of 15.4%.
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