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PetroVietnam Drilling & Well Services / Equity Bottom-Up

PetroVietnam Drilling & Well Services (PVD VN)

<ul>
 <li>PVD is strategically expanding its rig fleet to capitalize on a structural surge in domestic and regional demand, underpinning a strong growth outlook.</li>
 <li>The company exhibits robust top-line and bottom-line growth, driven by increased rig capacity and high utilization rates, though free cash flow remains negative due to significant capital expenditures.</li>
 <li>While valuation appears attractive relative to peers and analyst targets, key risks include intense competition limiting day-rate upside, the cyclical nature of the oil &amp; gas industry, and execution risk on new rig acquisitions.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  PVD is strategically expanding its rig fleet to capitalize on a structural surge in domestic and regional demand, underpinning a strong growth outlook.
  The company exhibits robust top-line and bottom-line growth, driven by increased rig capacity and high utilization rates, though free cash flow remains negative due to significant capital expenditures.
  While valuation appears attractive relative to peers and analyst targets, key risks include intense competition limiting day-rate upside, the cyclical nature of the oil &amp; gas industry, and execution risk on new rig acquisitions.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: PetroVietnam Drilling & Well Services (PVD VN) - Aug 2026

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

External broker reports(aggregated public sources)

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<ul><li>In Q1/2026, PVD reported consolidated revenue of VND 3,401bn (+126% YoY) and NPAT-MI of VND 306bn (+100% YoY), both exceeding our forecasts by approximately 7%.</li><li>The positive results were driven by the PVD VIII rig ’s full-quarter contribution , a sharp increase in the number of chartered rigs (3.5 compared to 1 in the same period last year), and resilient demand for well technical services.</li><li>The drilling segment remained the main growth driver, with revenue reaching VND 2,162bn (+147% YoY), while the well technical services segment reached VND 1,007bn (+72% YoY). Gross profit margin improved to 18.8%, supported by strong operational efficiency and positive contributions from core service segments. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1/2026, PVD reported consolidated revenue of VND 3,401bn (+126% YoY) and NPAT-MI of VND 306bn (+100% YoY), both exceeding our forecasts by approximately 7%.The positive results were driven by the PVD VIII rig ’s full-quarter contribution , a sharp increase in the number of chartered rigs (3.5 compared to 1 in the same period last year), and resilient demand for well technical services.The drilling segment remained the main growth driver, with revenue reaching VND 2,162bn (+147% YoY), while the well technical services segment reached VND 1,007bn (+72% YoY). Gross profit margin improved to 18.8%, supported by strong operational efficiency and positive contributions from core service segments. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We raise our target price (TP) for PVD by 23% to VND35,600/share and maintain our BUY rating.</li><li>Our higher TP is primarily driven by an 18% increase in our aggregate 2026–2030F core NPATMI forecast (with respective changes of +9%/+8%/+13%/+20%/+31%).</li><li>The higher aggregate core NPAT-MI is driven by: (1) our assumption that PVD acquires an additional owned jack-up (JU) rig (PVD X); (2) sooner-than-expected drilling operation of PVD IX; (3) higher well-related services revenue, supported by improved visibility on Vietnam’s E&amp;P spending upcycle; and (4) a higher profit forecast for tender-assisted drilling rigs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise our target price (TP) for PVD by 23% to VND35,600/share and maintain our BUY rating.Our higher TP is primarily driven by an 18% increase in our aggregate 2026–2030F core NPATMI forecast (with respective changes of +9%/+8%/+13%/+20%/+31%).The higher aggregate core NPAT-MI is driven by: (1) our assumption that PVD acquires an additional owned jack-up (JU) rig (PVD X); (2) sooner-than-expected drilling operation of PVD IX; (3) higher well-related services revenue, supported by improved visibility on Vietnam’s E&amp;P spending upcycle; and (4) a higher profit forecast for tender-assisted drilling rigs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PVD [BUY +20.7%] - Bright E&P Outlook Supports Further Rig Expansion

<ul><li>We raise our target price (TP) for PVD by 17% to VND29,000/share and upgrade our rating to BUY from OUTPERFORM.</li><li>Our higher TP is driven by our 9% higher aggregate 2025–29F core NPAT-MI forecast (with respective changes of +9%/+7%/+12%/+10%/+9%), and the positive impact of rolling our TP horizon forward to end-2026.</li><li>The higher aggregate core NPAT-MI is driven by: (1) stronger gross profit from well-related services given 9M 2025 results, (2) a 1.7% reduction in 2025-29 average operating cash costs, (3) doubling the stake in PVD IX, and (4) extending PVD VIII and PVD IX’s depreciation to 15 years (from 7). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise our target price (TP) for PVD by 17% to VND29,000/share and upgrade our rating to BUY from OUTPERFORM.Our higher TP is driven by our 9% higher aggregate 2025–29F core NPAT-MI forecast (with respective changes of +9%/+7%/+12%/+10%/+9%), and the positive impact of rolling our TP horizon forward to end-2026.The higher aggregate core NPAT-MI is driven by: (1) stronger gross profit from well-related services given 9M 2025 results, (2) a 1.7% reduction in 2025-29 average operating cash costs, (3) doubling the stake in PVD IX, and (4) extending PVD VIII and PVD IX’s depreciation to 15 years (from 7). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PVD [BUY +26.6%] - Aggressive Rig Expansion, Robust Domestic E&P Fuel Growth

Thematic (Sector/Industry)

<ul><li>We lower our average 2024F Brent oil price assumption by 3.6% to USD80/bbl.</li><li>YTD to October 3, the average Brent oil price was USD82/bbl, slightly lower than our previous 2024F forecast of USD83/bbl.</li><li>However, we anticipate subdued oil prices in Q4, driven by weak demand from China, which is expected to outweigh concerns over rising tensions in the Middle East and a projected oil deficit from the US Energy Information Administration (EIA) — defined as a situation where global oil production falls short of global consumption.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We lower our average 2024F Brent oil price assumption by 3.6% to USD80/bbl.YTD to October 3, the average Brent oil price was USD82/bbl, slightly lower than our previous 2024F forecast of USD83/bbl.However, we anticipate subdued oil prices in Q4, driven by weak demand from China, which is expected to outweigh concerns over rising tensions in the Middle East and a projected oil deficit from the US Energy Information Administration (EIA) — defined as a situation where global oil production falls short of global consumption.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Oil & Gas Sector - Lowering 2024F Oil Price, Raising 2025F Forecast

Vietnam

PetroVietnam Drilling & Well Services JSC provides drilling rigs and drilling-related technical services to the oil and gas industry both domestically in Vietnam and internationally. Its services include well technical services, manpower and training, and the operation of offshore and onshore rigs. The company was founded in 2001 and is headquartered in Ho Chi Minh City, Vietnam.

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PetroVietnam Drilling & Well Services (PVD VN)

Primer: PetroVietnam Drilling & Well Services (PVD VN) - Aug 2026

PVD is strategically expanding its rig fleet to capitalize on a structural surge in domestic and regional demand, underpinning a strong growth...

αSK Primers

PVD - New Capacity, New Growth Driver

In Q1/2026, PVD reported consolidated revenue of VND 3,401bn (+126% YoY) and NPAT-MI of VND 306bn (+100% YoY), both exceeding our forecasts by...

Rong Viet Securities

PVD [BUY +20.7%] - Bright E&P Outlook Supports Further Rig Expansion

We raise our target price (TP) for PVD by 23% to VND35,600/share and maintain our BUY rating. Our higher TP is primarily driven by an 18% increase...

Vietcap

PVD [BUY +26.6%] - Aggressive Rig Expansion, Robust Domestic E&P Fuel Growth

Our higher TP is driven by our 9% higher aggregate 2025–29F core NPAT-MI forecast (with respective changes of +9%/+7%/+12%/+10%/+9%)...

Vietcap

Oil & Gas Sector - Lowering 2024F Oil Price, Raising 2025F Forecast

We lower our average 2024F Brent oil price assumption by 3.6% to USD80/bbl. YTD to October 3, the average Brent oil price was USD82/bbl, slightly...

Vietcap

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