- We raise our target price (TP) for PVT by 3% to VND31,200/share and reiterate our BUY rating. Our higher TP reflects the 2.1% increase in our aggregate 2024-2028F reported NPAT-MI forecast (1.1%/4.0%/3.9%/-0.3%/1.6% in 2024/25/26/27/28F, respectively) and a 5% increase in aggregate EBITDA. The higher aggregate NPAT is due to contributions from one oil tanker acquired in late 2023, which outweighs the raise in our interest expense projection. 

- We forecast 37% YoY growth in 2024 recurring NPAT-MI, which we attribute mainly to full-year contributions from seven new vessels acquired in 2023, supported by a positive tanker market outlook (most of PVT’s tanker rates stay flat YoY). Meanwhile, we forecast 2024F reported NPAT-MI to grow 25% YoY to VND1.2tn, primarily due to no one-off profit as in 2023F.

- We forecast a 2023-2026F recurring EPS CAGR of 22%, driven by further growth in global tonne-miles demand, PVT’s 35% YoY total fleet capacity growth in 2023 and further fleet growth in 2024-2025, which will boost PVT's transport volume across all segments.

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