We trim our target price by 3.0% mainly as we revise down 2020F reported NPAT-MI by 10.7% due to lower bad-debt collection and a lower margin of the well-related service segment following 2019 results. We upgrade the stock from MARKET PERFORM to OUTPERFORM as PVD’s share price has declined ~14% since November 2019. We forecast 2020F recurring NPAT-MI of USD10.8mn, 3.5x higher vs 2019 recurring NPAT-MI, thanks to a day rate hike of ~10% YoY and a utilization rate of 95% vs 89% in 2019.