PVD [OP +17%] – Pegging day rates to oil offers visibility but lowers earnings
  • 26 May 2015
  • Company Research
OUTPERFORM rating maintained but TP lowered to VND61,000. Management lowers NPAT guidance for 2015 citing a new pricing scheme for day rates linked to oil price. We think this offers better earnings visibility but the new guidance is too low. PVD’s new gu