Company Insight

PetroVietnam Transportation Corporation (PVT) is one of the largest tanker operator in Viet Nam. Based on DCF method, we value PVT for the first time at 31,700 VND, equivalent to a 17.4% return. In 2024, PVT’s profit is driven by (1) Freight rates remaining at a good level and (2) The contribution of 12 new ships purchased from 2023. In the long-term, the growth engine comes from (1) fleet expansion, (2) the main focus on the clean tanker, a segment with stable freight rates and (3) An attractive prospect of the liquefied gas transportation.