PVD – Earnings Review – [HOLD] – 1Q25: Dark clouds still loom

PVD’s 1Q25 revenue retreated by 14% yoy to VND1.5tn (90% of KIS forecast), with gross profit plunging 40% yoy to VND270bn (113% of KIS forecast). Nonetheless, NPAT-MI remained almost flat at VND153bn (-3.2% yoy, -30% qoq), supported by a one-off gain of VND112bn from the sale of land rig PVD 11. Excluding this, 1Q25 NPAT-MI fell 74% yoy to VND41bn (vs our forecast of an 80% yoy drop to VND32bn). In 2Q25F, we think PVD’s earning results will continue to face pressures from low day rate, despite having a dense drilling schedule.