[BUY/TP: 25,600] Handle the wheel firmly


- Crude oil transportation is expected to bring stable revenue for PVT, thanks to the exclusive right to transport crude oil to Binh Son refinery, as well as accounting for 25% of crude oil transportation volume for Nghi Son refinery. At the same time, the company plans to invest in: 1) An Aframax crude oil tanker (in 2021) to serve international routes, thereby increasing PVT's exploitation capacity by 20%; 2) A VLCC tanker (expected to be completed in 2022) - instead of leasing from SK Shipping - to serve the crude oil transportation at Nghi Son refinery and thereby improving the company's gross profit margin; 3) Liquidation of PVT Athena tanker in 2021 with a profit of VND200 bn. - Finished oil/chemicals transportation: The company maintains the strategy of buying more chemical ships to serve the demand from the international market (mainly from Japan) and takes advantage of low-labor-costs compared with competitors, thereby targeting 40-50% of the fleet to serve chemical transportation in the next 5 years. We expect that in the period of 2021-2022, PVT will invest 2 new chemical vessels per year, thereby increasing the exploitation capacity by 20%/year - LPG transportation: Thanks to the advantage of being a subsidiary of PetroVietnam, PVT currently holds the largest market share for LPG transportation by sea to serve domestic demand (forecasted LPG demand is stable with 2021-2025 CAGR of 7%). In 2021, the company buys 1 VLGC vessel for international routes, and we expect that in 2022 the c

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