Equities | Vietnam | Energy - Oil & Gas

PetroVietnam Tech'l Services (PVS - HNX)

Flashnote

03 July 2026

 

Source: Company, HSC Research estimates

 

Share price performance

Source: Company, FactSet

 

Summary financials and valuation

Year end: Dec
12-25A
12-26F
12-27F
Net sales (VNDbn) 32,556 41,261 41,812
EBITDA adj. (VNDbn) 2,055 2,384 2,303
Pre-tax profit (VNDbn) 2,156 2,744 2,538
Net profit adj. (VNDbn) 1,457 1,686 1,559
FCF (VNDbn) (374) (3,251) (2,046)
EPS adj. (VND) 2,944 3,297 3,049
DPS (VND) 75.5 700 700
BVPS (VND) 29,375 32,796 35,907
EBITDA adj. growth (%) 71.1 16.1 (3.39)
EPS growth adj. (%) 64.4 12.0 (7.53)
DPS growth (%) (90.5) 827 0
EBITDA adj. margin (%) 6.31 5.78 5.51
Pre-tax margin (%) 6.62 6.65 6.07
Net margin adj. (%) 5.59 5.11 4.66
Div. payout ratio (%) 2.05 17.0 18.4
Net debt/equity (%) (68.6) (47.7) (37.9)
ROAE (%) 12.7 13.3 11.1
Return on avg. CE (%) 2.00 2.82 2.45
EV/sales (x) 0.28 0.28 0.30
EV/EBITDA adj. (x) 4.52 4.86 5.48
P/E adj. (x) 13.2 11.8 12.8
P/B (x) 1.32 1.19 1.08
Dividend yield (%) 0.19 1.80 1.80

Source: Bloomberg, HSC Research estimates

 

Company description

PVS is the leading upstream energy services provider in Vietnam, with a dominant market share in EPCI & FPSO/FSO. The company is also diversifying into renewable space as the offshore wind farm contractor.

 

 

 

Lac Da Vang A’s CPP load-out is complete

 

 

 

 

Event: LDV-A CPP load-out and launch

PTSC M&C, the marine and construction subsidiary of PVS, has completed the load-out and launch of the CPP for the Lac Da Vang A (Golden Camel A) oil field in Block 15-2/01, offshore from Vietnam. The structure is ready for sail-away to the installation site.

EPCIC contract: The LDV-A contract covers Engineering, Procurement, Construction, Installation, and Commissioning. EPCIC extends through offshore installation and commissioning until facility handover, commanding higher margins and complexity than EPC. LDV-A marks the first time PTSC mechanical & construction (M&C) has taken full detailed design ownership for CPP, synchronising procurement, fabrication, installation, and commissioning in-house and affirming its position as a regional EPCIC general contractor.

Load-out and sail-away: Load-out moves the completed offshore structure from the fabrication yard onto a heavy-lift cargo barge. Sail-away is when the barge departs toward the installation site. Offshore installation, commissioning, and first oil complete the EPCIC scope. Structure: The LDV-A CPP comprises a jacket (4,600 tonnes) and topsides (6,500 tonnes), totaling approximately 11,100 tonnes. Implied per-tonne contract value is USD22.0k/tonne given the USD250mn total EPCIC contract value.

Milestone in line with HSC expectations. Total EPCIC contract value is USD250mn, fully incorporated in our forecast with USD80mn in revenue remains for FY26 recognition. CPP load-out confirms on-schedule execution with target first oil in Oct-26.

Maintaining Buy rating

Off by 5.2% in the past 3M, PVS trades on a 1Y rolling forward P/E of 11.9x, 0.5 SD below its historical average of 13.7x (since Jan-23). LDV-A CPP load-out is a positive operational signal: the largest near-term M&C deliverable is on track, first oil Oct 2026 remains the base case. PTSC M&C's debut as full EPCIC detailed-design owner is a structural capability upgrade that widens the addressable contract pipeline. We maintain our Buy rating with a VND55,000 TP.

(Continued on page 2)

 

 

Figure 1: Lac Da Vang A EPCIC contract status, PVS

Load-out completed, ready for offshore installation

Item

Detail

Contract type

EPCIC

Total EPCIC contract value

USD250mn

CPP load-out status

Completed (July 2026)

Next phase

Sail-away, offshore installation

Source: HSC Research estimates

 

Key catalysts: (i) further offshore contract awards tied to Vietnam's upstream capex recovery; (ii) progress on Block B O Mon, where PVS is the designated M&C contractor, CPP load-out targeted June 2027; and (iii) moving to HSX from HNX, targeted by end-2026.

Figure 3: Lac Da Vang A EPCIC timeline, PVS

The project is on track to deliver first oil in October 2026, approximately 29 months after contract signing

Phase

Timing

Duration

Contract signing

31 May 2024

 

Detailed design completion

3Q24 (est.)

approx 4 months from contract

Fabrication start (jacket + topsides in parallel)

16 Oct 2024 (first steel cut)

approx 1 month from design

Jacket load-out

15 Sep 2025

approx 11 months from fab start

CPP topsides load-out (this event)

July 2026

approx 21 months from fab start

Sail-away

Imminently post load-out

weeks

Offshore installation

Aug-Sep 2026 (est.)

approx 1-2 months post sail-away

First oil (PVEP target)

Oct 2026

approx 1 month post installation

Total contract to first oil

 

approx 29 months

Source: HSC Research estimates

 

Financial statements and key data

Note: *Excluding short-term investments.

Source: Company, HSC Research estimates

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Explanation of Institutional Equity Research Ratings

 

Buy: Expected to rise by more than 20% on an absolute basis in the next 12 months

Add: Expected to rise by between 5% and 20% on an absolute basis in the next 12 months

Hold: Expected to rise or decline by less than 5% on an absolute basis in the next 12 months

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