PVD – Strong drilling segment but weak shared profit, leading to lower-than-expected recurring NPAT

PVD released its Q1 2024 results with revenue of USD72mn (VND1.8tn; +37% YoY) and reported NPAT-MI of USD6.5mn (VND157bn; +173% YoY). The strong performance was driven by (1) full utilization of rigs (flat YoY), coupled with (2) 34% YoY higher average day