Company Insight

PetroVietnam Technical Services Corporation (PVS) is Vietnam’s leading oilfield services provider, operating across key business segments: oil & gas mechanical engineering and construction, floating storage and offloading units (FSO/FPSO), port and logistics services, operations and maintenance, offshore support vessels, and seismic survey services. We expect PVS’s revenue and earnings to grow over the coming years, driven by 3 key factors: (1) a sufficiently large M&C backlog pipeline to sustain growth through at least 2030, (2) offshore wind power emerging as a new long-term growth driver, and (3) a strong balance sheet supporting project execution during the 2026–2030 expansion phase. Based on our DCF valuation approach, we initiate coverage on PVS with a BUY recommendation and a target price of VND 46,700/share, implying an upside of 22.9%.