Company Insight

Petrovietnam Drilling & Well Services Corporation (PVD) is one of the leading drilling contractors in Vietnam, holding approximately 40% of the domestic drilling market share. We expect PVD’s revenue and net profit to continue expanding in the coming years, supported by: (1) Sustained growth in core drilling services segment thanks to secured workloads through 2026, contributions from 2 new rigs, and additional fleet investments over the next 5 years; (2) Tight supply and surging in domestic demand, serving as a launchpad for a new medium-term growth cycle; and (3) Supportive regulatory policies that create a favorable operating framework and improve the upstream business environment. Based on DCF valuation, we initiate coverage on PVD with a target price of VND 39,700, equivalent to a -3.6% return