PVD – Earnings review – [BUY] – Solid core business in 2Q24

PVD’s 2Q24 revenue grew by 60% (VND2,254bn) with high day rates and high workload, NPAT-MI declined by 17% yoy but mainly due to the high base abnormal profit last year. In 3Q24, PVD may record double-digit growths thanks to higher workload with 2 leased rigs working and may continue to enjoy higher day rates amid high drilling demand in Southeast Asia.