We attended PVS’s analyst meeting on June 21, 2019. We increase 2020-2023F earnings by ~4% thanks to new M&C projects and no more debt from the Bien Dong FSO and raise our target price by 5.3%, despite a 30-bp hike to our risk-free rate. We upgrade our rating from MARKET PERFORM to OUTPERFORM. We keep our 2019F unchanged with recurring EPS growth of 4.5% YoY due to less loss from the Seismic Survey segment after its 2018 dissolution and stronger profit from FPSO Ruby II.