PSI estimate a strong FY24 revenue growth of 22,252 billion VND (+15% YoY), slight margins expansion with gross margin and net margin increasing to 5.09% and 4.65%, respectively, led by robust M&C segment outlook, high FPSO/FSO utilization rate and strong cash balance. We base our 2024 12-mo target price of 40,755 VND/share for PVS on a 5-year forecasted period using the equal weight of discounted cash flow method (FCFE) and comparative method (P/B, P/E).of discounted cash flow method (FCFE) and comparative method (P/B, P/E)