We raise our target price by 7% as we increase 2019F reported earnings by 24.2% after higher-than-expected profit from the floating oil storage (FSO/FPSO) Ruby II in Q1 2019, while we keep our 2020-2023 forecast unchanged. However, we downgrade PVS from OUTPERFORM to MARKET PERFORM as its share price has risen 25% since February, leaving limited upside.