SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Results Update
12 August 2013
Vietnam
PV Drilling
New Share Issuance

1H13 results. PVDs 1H13 revenue increased 30.7% YoY to
USD316.4m thanks to its new deepwater TAD rig, which started
operating in Feb 2012, and its four sub-leased rigs vs only one in the
same period last year. 1H13 net profit rose 41.3% YoY to USD41.5m,
due to a 0.8-ppt decrease in gross margins to 24.5% and 1.1-ppt
decrease in its SG&A/sales ratio to 6%. Gross margins shrank most
likely because of higher contribution from the sub-leased rigs which
carry a GM of 18-20% (vs the 25-40% GMs of PVDs own rigs).
Stable business pipeline. PVD owns five rigs, all of which are
contracted through to 2014. In addition to leasing its own rigs, the
company sub-leases oil rigs, partly because of the ancillary services
business that this generates (staffing, tubing, mud-logging and minor
spill clean-up, etc). PVD recently secured one additional sub-leased rig
(bringing its total sub-leased rigs to four), which was contracted to
Petrovietnam Exploration Production Corporation. We expect PVD to
have six sub-leased rigs by the end of this year.
Expecting margin improvement. Rig day rates have generally been
on an uptrend, along with utilisation rates. This benefits PVD because
the day rates on most of PVDs rig contracts are renewed annually.
PVD rigs were renewed at day rates 15-20% higher YoY in FY13; the
new rates have been valid since 3Q13. We estimate that PVDs gross
profit margins will climb from 22.5% in FY12 to 24-26% over FY13-15.
New share issuance. PVD completed a private placement of 38m new
shares in 2Q13 with three-year lock-up: 20.15m shares for strategic
investor PVN at VND31,758/share, and a one-year lock-up of 18.75m
shares for three financial investors (PYN, PENM and VOF) at an
average price of VND45,605/share. The total proceeds of USD68.6m
are set to be used for future expansion. Another 2m new shares will be
issued to the companys employees in the form of an ESOP.
Attractive valuation. We raise our FY13 profit forecasts by 41% YoY
to USD89.9m due to the improvement in gross margins. However, its
EPS growth is only 29.4% YoY because of 20% dilution from new share
issuance. PVD is trading at an FY13 PER of 6.9x, a 48% discount to its
peers and 1SD below its average historical PER. We maintain our BUY
call and TP of VND66,000.
PV Drill i ng Summary Earni ngs Tabl e
FYE Dec (USD m) 2009 2010 2011 2012 2013F
Revenue 240.1 406.6 449.6 572.8 675.2
EBITDA 71.6 102.9 106.3 140.0 171.4
Recurring Net Profit 47.7 47.4 52.1 63.5 89.9
Recurring Basic EPS (US cts) 25.1 22.6 24.9 30.2 39.1
EPS Growth (%) (15.2) (10.2) 10.5 21.0 29.4
DPS (US cts) 9.6 7.2 9.1 10.8

PER (x) 10.8 12.0 10.9 9.0 6.9
EV/EBITDA (x) 12.2 8.5 8.6 6.0 5.4
Div Yield (%) 3.5 2.7 3.3 4.0
P/BV (x) 2.4 2.1 1.9 1.7 1.5

Net gearing (%) 128.0 111.7 116.6 82.1 56.1
ROE (%) 25.9 18.5 18.2 20.0 23.2
ROA (%) 8.4 8.8 7.8 8.6 11.0
Source: Company, Maybank KE estimates
Buy (unchanged)

Share price: VND56,500
Target price: VND66,000 (unchanged)


Tuyen Nguyen
[email protected]
(84) 8 44 555 888 - 8081





Stock Information
Description: PetroVietnam Drilling is a subsidiary of
PetroVietnam (PVN). It owns five oil rigs and derives about
80%of its business fromPVN.


Ticker: PVD VN
Shares Issued (m): 247.5
Market Cap (USD m): 565.4
3-mth Avg Daily Turnover (USD m): 0.91
VNIndex: 499.5
Free float (%): 40,0

Major Shareholders:
PetroVietnam 50.4
Deutsche Bank 4.2
Templeton 4.2
PYN 4.0


Key Indicators
ROE annualised (%) 23.2
Net cash (USD m): n/a
NTA/shr (UScts): 157
Interest cover (x): 6.3



Historical Chart


Performance:
52-week High/Low VND57,000 / VND32,000

1-mth 3-mth 6-mth 1-yr YTD
Absolute (%) 11.9 37.5 30.2 67.2 50.7
Relative (%) 10.7 33.8 28.8 42.4 24.8


12 August 2013 Page 2 of 8
PV Drill i ng

Robust oil and gas activities in Vietnam

Potential industry growth. According to the 2012 BP Energy Outlook,
global primary energy consumption is forecast to grow at a CAGR of
2% over the next 17 years, from approximately 12b toe (tonnes of oil
equivalent) in 2012 to 17b toe in 2030. PVN (which owns 50.4% of
PVD) is looking to aggressively expand its Vietnamese E&P activities
and has a substantial annual investment budget of around USD1.5-
1.7b.
Rigs in demand. Vietnam requires an estimated 10-15 additional jack-
up rigs every year (with about 65-75 standard wells and 100 smaller
wells drilled p.a.). However, 41 new rigs are expected to come
onstream in the next two years. We do not think that this will result in a
glut of rigs because about 40% of the existing drilling rig fleet in
Vietnam is more than 20 years old and may need to be gradually
replaced. Moreover, PVD said that potential customers such as Lam
Son J OC, Con Son J OC, J VPC, Premier and KNOC have all expressed
interest in jackups.
Rising rig utilisation rates to trigger an increase in day rates. Rig
day rates, along with rig utilisation rates, have generally been on an
uptrend in SEA. The rig utilisation rate in SEA is currently 77%, and a
utilisation rate of 80% is normally the threshold at which we can expect
to see a significant jump in day rates. It would not take long for a jump
in day rates to improve PVDs bottom line because the day rates on
most of PVDs rig contracts are renewed annually.
We think that day rates will increase 13-15% per year for the period
2013-16, supported by intensive drilling campaigns in the region.


Expanding capabilities

Investment in premium jack-up rig JV with FEG. At the end of 2012,
PVD established a 50:50 J V with Singapore-based Falcon Energy
Group (FEG) to buy a newly built USD215m jack-up rig (delivery
expected in 3Q13). The J V has a 70:30 debt-to-equity structure, with
the debt financed by banks. PVD expects the rig to be contracted to an
existing FEG client in the Gulf of Mexico, and to start operations in
4Q13. We forecast that the J V will contribute around USD6m to PVDs
profit annually.
In 2014-15, PVD plans to invest in another USD230m premium jack-up
rig through a J V in which PVD will contribute to 70% of the investment.
In addition, PVD will provide a tender barge for Chevron, but the
USD150m project has been suspended until 2014, as Chevron has
delayed its E&P plans to 2016.




12 August 2013 Page 3 of 8
PV Drill i ng
Fi gure 1: PVD 2013 capi tal needs (VND b)
Financial sources
Invest ment i tems
Total
invest ment
capital
Equity Debt
Investment projects transferred fr. 2012 160 160
Investment in equipments and warehouse 362 362 155
- Drilling string components 43 43
- Purchase blow-out preventor (BOP)
and other equipments for drilling rigs 179 74 105
- Equipment and devices for IT 52 52
- Purchase land and constructing offices
and restplace for workers 80 30 50
- Others 8 8
Investment in joint ventures 965 965
- Invest a jack-up rig 735 735
- Invest in JV and contribute capital to
subsidiaries 230 230
Investment of subsidiaries 206 117
Total 1,693 1,449 244
Source: Company

Equity fundraising. To finance its increasing capital needs, PVD
undertook a private offering of up to 38m shares in 2Q13, with a three-
year lock-up of 20.15m shares for strategic investor PVN at VND31,758
per share and one-year lock-up of 18.75m shares for three financial
investors (PYN, PENM and VOF) at an average price at VND45,605
per share. The total proceeds of USD68.6m are set to be used for
future expansion. PVD believes that raising capital through a private
offering is a better option than issuing debt, as the companys current
net gearing is high at 0.82x. In addition, banks are not willing to lend to
PVD without significantly increasing interest rates. Whilst the fund-
raising will reduce the companys gearing ratio, we estimate that it will
result in a 20% dilution to existing shareholders.

We believe that the issuance proceeds will be insufficient to finance all
of PVDs capital spending plans, so the company is likely to need to
raise more funds in future.


Fi gure 3: Peer compari son
Company

Country
Market
cap
2012
PER
2013
PER
2014
PER

P/BV P/S ROA ROE
EV/Mkt
cap

EV/EBITDA
(USD m) (x) (x) (x) (x) (x) (%) (%) (x) (x)
SCHLUMBERGER LTD US 106,503.0 18.5 16.9 14.0 2.9 2.5 10.2 17.6 1.1 9.9
TRANSOCEAN LTD SZ 17,123.1 11.1 11.3 8.2 1.1 1.8 2.1 4.5 1.5 7.0
DIAMOND OFFSHORE US 9,482.2 12.9 13.9 10.1 2.0 3.2 9.7 15.2 1.0 7.2
NOBLE CORP SZ 10,114.5 17.8 14.1 8.6 1.3 2.6 3.9 7.4 1.6 9.4
SEADRILL LTD BD 20,439.9 17.9 15.4 11.7 3.5 4.6 5.7 19.0 1.7 12.9
CHINA OILFIELD-H CH 11,301.4 13.7 11.7 10.6 1.9 2.8 6.5 15.0 1.3 n/a
ENSCO PLC-CL A GB 13,743.3 10.2 9.1 7.8 1.1 2.9 6.7 10.5 1.3 8.2
ROWAN COMPANIE-A US 4,481.6 15.7 16.2 10.1 1.0 2.9 3.1 5.1 1.3 9.3
ATWOOD OCEANICS US 3,782.2 11.4 11.3 9.3 1.8 3.8 11.0 17.5 1.3 9.3
Average 21,885.7 14.4 13.3 10.1 1.8 3.0 6.5 12.4 1.3 9.1
PETROVIETNAM DRI VN 565.4 8.7 6.9 8.3 1.6 0.9 7.6 20.2 1.7 5.8
Source: Bloomberg

12 August 2013 Page 4 of 8
PV Drill i ng

PROFIT AND LOSS (USD m) BALANCE SHEET (USD m)
FYE Dec 2009 2010 2011 2012E 2013F FYE Dec 2009 2010 2011 2012E 2013F

Sales 240.1 406.6 449.6 572.8 675.2 Total assets 689.4 773.3 889.9 916.2 997.6
COGS exclude Dep. (152.3) (279.5) (314.5) (394.9) (463.6) Current assets 143.0 169.6 188.0 243.8 297.3
Depreciation (15.0) (32.8) (34.7) (49.1) (46.7) Cash 48.7 45.1 32.1 51.3 115.3
Gross profit 72.7 94.4 100.4 128.8 165.0 ST investment 3.7 1.4 - -
Operating exp. (16.1) (24.3) (28.7) (37.9) (40.3) Inventories 17.9 18.1 48.2 37.8 44.2
EBIT 56.6 70.1 71.7 90.9 124.7 Trade receivable 63.9 98.5 96.4 146.6 129.3
Net financial incomes (loss) (7.0) (16.4) (14.4) (17.6) (18.4) Others 8.7 6.5 11.3 8.2 8.6
Net Income (loss) fr. jv 3.2 2.7 3.5 2.9 2.4 Other assets 546.4 603.7 702.0 672.4 700.3
Net extraodinaries 1.5 (1.7) (0.8) 5.3 1.4 LT Investment 7.4 7.9 14.9 22.0 22.0
PBT 54.3 54.7 60.0 81.5 110.2 Net fix assets 525.1 580.1 677.2 639.4 667.7
Income tax (6.3) (7.1) (7.7) (12.0) (13.8) Others 14.0 15.7 9.9 11.0 10.5
Minority interest (0.2) (0.2) (0.3) (6.0) (6.5) Total liabilities 453.1 496.3 591.2 579.3 575.7
Net profit 47.7 47.4 52.1 63.5 89.9 Current liabilities 142.2 210.9 244.2 273.2 257.6
EBITDA 71.6 102.9 106.3 140.0 171.4 Trade payable 56.5 85.1 101.5 107.7 80.2
EPS (US cts) 25.1 22.6 24.9 30.2 39.1 ST borrowings 45.0 75.4 98.4 93.2 99.9


Others 40.7 50.4 44.4 72.3 77.5


Long-termliabilities 311.0 285.5 347.0 306.1 318.1

Long-termdebts 308.9 279.5 280.9 233.7 262.6

Others 2.1 6.0 66.0 72.4 55.6

Shareholders' equity 236.3 276.9 298.7 336.9 441.9

Paid in capital 194.4 192.4 192.0 193.6 214.4

Reserve 41.1 83.7 105.8 142.1 225.9

Other provisions - - - -

Minority interests 0.8 0.8 0.9 1.2 1.6








CASH FLOW (USD m)

KEY RATIOS
FYE Dec 2009 2010 2011 2012E 2013F FYE Dec 2009 2010 2011 2012E 2013F

Operating cash flow 71.8 66.2 114.3 98.1 137.6
Growth (% YoY)

Net profit 47.7 47.4 52.1 63.5 89.9
Sales
9.9 69.4 10.6 27.4 17.9
Depreciation 15.0 32.8 34.7 49.1 46.7
Operating profit
(0.6) 23.9 2.3 26.8 37.3
Change in working capital 4.0 5.7 (22.5) (2.5) (11.8)
EBITDA
5.7 43.6 3.4 31.6 22.5
Others 5.1 (19.6) 50.0 (12.0) 12.9
Net profit
(8.7) (0.8) 10.0 21.9 41.6
Investment cash flow (205.0) (67.3) (131.4) (19.5) (74.5)
EPS
(15.2) (10.2) 10.5 21.0 29.4
Net capex (189.8) (87.8) (131.8) (11.3) (75.0)
Profitability (%)

Change in investment 9.3 1.8 (5.6) (7.1) 0.0
Gross margin
30.3 23.2 22.3 22.5 24.4
Change in other assets (24.5) 18.7 5.9 (1.1) 0.5
Operating margin
23.6 17.2 15.9 15.9 18.5
Cash flow after Investment (133.2) (1.0) (17.1) 78.6 63.1
EBITDA margin
29.8 25.3 23.7 24.4 25.4
Financing cash flow 141.6 (2.6) 4.1 (59.4) 20.9
Net margin
19.9 11.6 11.6 11.1 13.3
Change in share capital 109.5 (2.0) (0.4) 1.5 20.8
ROA
8.4 8.8 7.8 8.6 11.0
Net change in debt 138.6 1.0 24.5 (52.5) 35.5
ROE
25.9 18.5 18.2 20.0 23.2
Others (106.4) (1.6) 0.3 6.6 (16.4)
Stability

Div paid (20.3) (15.1) (19.0)
Gross debt/equity (%)
150.3 128.5 127.4 97.4 82.3
Net cash flow 8.4 (3.6) (13.1) 19.2 64.0
Net debt/equity (%)
128.0 111.7 116.6 82.1 56.1


Int. coverage (X)
13.5 4.2 5.5 6.3 7.9


Int. & ST debt coverage (X)
0.7 0.9 0.7 0.8 1.1


Cash flow int. coverage (X)
17.1 3.9 8.8 6.8 8.7


Cash flow int. & ST debt (X)
0.9 1.1 0.9 1.2


Current ratio (X)
1.0 0.8 0.8 0.9 1.2


Quick ratio (X)
0.9 0.7 0.6 0.7 0.9


Net cash/(debt) (USD m)
(301.4) (308.4) (347.3) (275.6) (247.2)


Per share data (US cts)



EPS
25.1 22.6 24.9 30.2 39.1


CFPS
37.8 31.6 54.8 46.7 59.8


BVPS
111.9 131.6 142.1 159.7 176.0


SPS
126.4 193.9 215.4 272.5 293.6


EBITDA/share
37.7 49.0 50.9 66.6 74.5


DPS
9.6 7.2 9.1 10.8





Source: Company, Maybank KE estimates


12 August 2013 Page 5 of 8
PV Drill i ng

RESEARCH OFFICES
REGIONAL
WONG Chew Hann, CA
Regional Head, Institutional Research
(603) 2297 8686 [email protected]
Alexander GARTHOFF
Institutional Product Manager
(852) 2268 0638 [email protected]
ONG Seng Yeow
Regional Head, Retail Research
(65) 6432 1453 [email protected]
ECONOMICS
Suhaimi ILIAS
Chief Economist
Singapore | Malaysia
(603) 2297 8682 [email protected]
Luz LORENZO
Philippines
(63) 2 849 8836 [email protected]
Tim LEELAHAPHAN
Thailand
(662) 658 1420 [email protected]

JUNIMAN
Chief Economist, BII
Indonesia
(62) 21 29228888 ext 29682 J [email protected]
Josua PARDEDE
Economist / Industry Analyst, BII
Indonesia
(62) 21 29228888 ext 29695 J [email protected]


MALAYSIA
WONG Chew Hann, CA Head of Research
(603) 2297 8686 [email protected]
Strategy
Construction & Infrastructure
Desmond CHNG, ACA
(603) 2297 8680 [email protected]
Banking - Regional
LIAW Thong Jung
(603) 2297 8688 [email protected]
Oil & Gas
Automotive
Shipping
ONG Chee Ting, CA
(603) 2297 8678 [email protected]
Plantations- Regional
Mohshin AZIZ
(603) 2297 8692 [email protected]
Aviation Regional
Petrochem
YIN Shao Yang, CPA
(603) 2297 8916 [email protected]
Gaming Regional
Media
TAN CHI WEI, CFA
(603) 2297 8690 [email protected]
Power
Telcos
WONG Wei Sum, CFA
(603) 2297 8679 [email protected]
Property & REITs
LEE Yen Ling
(603) 2297 8691 [email protected]
Building Materials
Manufacturing
Technology
LEE Cheng Hooi Head of Retail
[email protected]
Technicals
HONG KONG / CHINA
Al exander GARTHOFF Acting Head of Research
(852) 2268 0638 [email protected]
Al exander LATZER
(852) 2268 0647 [email protected]
Metals & Mining - Regional
Al ex YEUNG
(852) 2268 0636 [email protected]
Industrial
Andy POON
(852) 2268 0645 [email protected]
Telecom& equipment
Ivan CHEUNG, CFA
(852) 2268 0634 [email protected]
Industrial
Jacquel ine KO, CFA
(852) 2268 0633 [email protected]
Consumer
Jeremy TAN
(852) 2268 0635 [email protected]
Gaming
Karen KWAN
(852) 2268 0640 [email protected]
HK & China Property
Phili p TSE
(852) 2268 0643 [email protected]
HK & China Property
Warren LAU
(852) 2268 0644 [email protected]
Technology Regional
INDIA
Ji gar SHAH Head of Research
(91) 22 6623 2601 [email protected]
Oil & Gas
Automobile
Cement
Anubhav GUPTA
(91) 22 6623 2605 [email protected]
Metal & Mining
Capital goods
Property
Urmi l SHAH
(91) 22 6623 2606 [email protected]
Technology
Media
Varun VARMA
(91) 226623 2611 [email protected]
Banking

SINGAPORE
Gregory YAP Head of Research
(65) 6432 1450 [email protected]
Technology & Manufacturing
Telcos
Wi l son LIEW
(65) 6432 1454 [email protected]
Property & REITs
James KOH
(65) 6432 1431 [email protected]
Logistics
Resources
Consumer - Regional
Small & Mid Caps
YEAK Chee Keong, CFA
(65) 6432 1460 [email protected]
Offshore & Marine
Ali son FOK
(65) 6432 1447 [email protected]
Services
S-chips
ONG Ki an Lin
(65) 6432 1470 [email protected]
REITs / Property
Wei Bin
(65) 6432 1455 [email protected]
S-chips
Small & Mid Caps
Derri ck HENG
(65) 6432 1446 [email protected]
Transport (Land, Shipping & Aviation)
John CHEONG
(65) 6432 1461 [email protected]
Small & Mid Caps
INDONESIA
Lucky ARIESANDI, CFA
(62) 21 2557 1127 [email protected]
Base metals
Mining
Oil & Gas
Wholesale
Pandu ANUGRAH
(62) 21 2557 1137 [email protected]
Automotive
Heavy equipment
Plantation
Toll road
Rahmi MARINA
(62) 21 2557 1128 [email protected]
Banking
Multifinance
Adi N. WICAKSONO
(62) 21 2557 1128 [email protected]
Generalist
Anthony YUNUS
(62) 21 2557 1139 [email protected]
Cement
Infrastructure
Property
PHILIPPINES
Luz LORENZO Head of Research
(63) 2 849 8836 [email protected]
Strategy
Laura DY-LIACCO
(63) 2 849 8840 [email protected]
Utilities
Conglomerates
Telcos
Lovell SARREAL
(63) 2 849 8841 [email protected]
Consumer
Media
Cement
Luz LORENZO / Mark RACE
(63) 2 849 8844 [email protected]
Conglomerates
Property
Ports/ Logistics
Gaming
Katherine TAN
(63) 2 849 8843 [email protected]
Banks
Construction
Ramon ADVIENTO
(63) 2 849 8845 [email protected]
Mining
THAILAND
Suki t UDOMSIRIKUL Head of Research
(66) 2658 6300 ext 5090
[email protected]
Mari a LAPIZ Head of Institutional Research
Dir (66) 2257 0250 | (66) 2658 6300 ext 1399
[email protected]
Consumer/ Big Caps
Andrew STOTZ Strategist
(66) 2658 6300 ext 5091
[email protected]
Mayuree CHOWVIKRAN
(66) 2658 6300 ext 1440 [email protected]
Strategy
Padon Vannarat
(66) 2658 6300 ext 1450 [email protected]
Strategy
Surachai PRAMUALCHAROENKIT
(66) 2658 6300 ext 1470 [email protected]
Auto
Conmat
Contractor
Steel
Suttati p PEERASUB
(66) 2658 6300 ext 1430 [email protected]
Media
Commerce
Sutthi chai KUMWORACHAI
(66) 2658 6300 ext 1400 [email protected]
Energy
Petrochem
Termporn TANTIVIVAT
(66) 2658 6300 ext 1520 [email protected]
Property
Woraphon WIROONSRI
(66) 2658 6300 ext 1560 [email protected]
Banking & Finance
Jaroonpan WATTANAWONG
(66) 2658 6300 ext 1404 [email protected]
Transportation
Small cap.
Chatchai JINDARAT
(66) 2658 6300 ext 1401 [email protected]
Electronics
Pongrat RATANATAVANANANDA
(66) 2658 6300 ext 1398 [email protected]
Services/ Small Caps

VIETNAM
Mi chael KOKALARI, CFA Head of Research
(84) 838 38 66 47 [email protected]
Strategy
Nguyen Thi Ngan Tuyen
(84) 844 55 58 88 x 8081 [email protected]
Food and Beverage
Oil and Gas
Hang Vu
(84) 844 55 58 88 x 8087 [email protected]
Banking
Trinh Thi Ngoc Di ep
(84) 844 55 58 88 x 8242 [email protected]
Technology
Utilities
Construction
Dang Thi Ki m Thoa
(84) 844 55 58 88 x 8083 [email protected]
Consumer
Nguyen Trung Hoa
+84 844 55 58 88 x 8088 [email protected]
Steel
Sugar
Resources


12 August 2013 Page 6 of 8
PV Drill i ng
APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS
This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an
offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that
each securitys price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings.
Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related
information extracted from the relevant jurisdictions stock exchange in the equity analysis. Accordingly, investors returns may be less than the original sum
invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not
take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors
should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or
recommended in this report.
The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank
Investment Bank Berhad, its subsidiary and affiliates (collectively, MKE) and consequently no representation is made as to the accuracy or completeness of
this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees
(collectively, Representatives) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this
report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice.
This report may contain forward looking statements which are often but not always identified by the use of words such as anticipate, believe, estimate,
intend, plan, expect, forecast, predict and project and statements that an event or result may, will, can, should, could or might occur or be
achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are
subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements.
Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such
forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated
events.
MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from
time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business
from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments
related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. MKE may, to the extent permitted by law,
act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors,
officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report.
This report is prepared for the use of MKEs clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in
whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the
actions of third parties in this respect.
This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or
other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such
circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of
investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical
location of the person or entity receiving this report.
Malaysia
Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental
ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia
Securities Berhad in the equity analysis.
Singapore
This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (Maybank
KERPL) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact
Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor,
expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the
contents of this report, with such liability being limited to the extent (if any) as permitted by law.
Thailand
The disclosure of the survey result of the Thai Institute of Directors Association (IOD) regarding corporate governance is made pursuant to the policy of the
Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand
and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the
perspective of a third party. It is not an evaluation of operation and is not based on inside information.The survey result is as of the date appearing in the
Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand)
Public Company Limited (MBKET) does not confirm nor certify the accuracy of such survey result.
Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET.
MBKET accepts no liability whatsoever for the actions of third parties in this respect.
US
This research report prepared by MKE is distributed in the United States (US) to Major US Institutional Investors (as defined in Rule 15a-6 under the
Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (Maybank KESUSA), a broker-dealer registered in the US
(registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in
the US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the
US. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You
should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant
legislation and regulations.
UK
This document is being distributed by Maybank Kim Eng Securities (London) Ltd (Maybank KESL) which is authorized and regulated, by the Financial
Services Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial
Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any
responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as
constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.



12 August 2013 Page 7 of 8
PV Drill i ng
DISCLOSURES
Legal Enti ti es Discl osures
Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa
Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued
and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim
Eng Securities (PTKES) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand:
MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and
Exchange Commission. Phi l ippi nes: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the
Securities and Exchange Commission. Vi etnam: Maybank Kim Eng Securities J SC (License Number: 71/UBCK-GP) is licensed under the State Securities
Commission of Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities
India Private Limited (KESI) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange
(Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker
(Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA Broker ID 27861. UK: Maybank KESL
(Reg No 2377538) is authorized and regulated by the Financial Services Authority.

Di scl osure of Interest
Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act
as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking
services, advisory and other services for or relating to those companies.
Singapore: As of 12 August 2013, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.
Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the
research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected
parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.
Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph
16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.
As of 12 August 2013, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.
MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in
issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment
services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies covered
in this report.

OTHERS
Analyst Certificati on of Independence
The views expressed in this research report accurately reflect the analysts personal views about any and all of the subject securities or issuers; and no part of
the research analysts compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Reminder
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable
of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political
factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any
issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own
professional advisers as to the risks involved in making such a purchase.

No part of thi s materi al may be copied, photocopi ed or dupl icated in any form by any means or redi stributed without the pri or consent of MKE.


Ong Seng Yeow | Executive Director, Maybank Kim Eng Research

Defi ni ti on of Rati ngs
Maybank Kim Eng Research uses the following rating system:
BUY Return is expected to be above 15% in the next 12 months (excluding dividends)
HOLD Return is expected to be between - 15% to +15% in the next 12 months (excluding dividends)
SELL Return is expected to be below -15% in the next 12 months (excluding dividends)
Appl icabil ity of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only
applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings
as we do not actively follow developments in these companies.
Some common terms abbrevi ated i n thi s report (where they appear):
Adex = Advertising Expenditure FCF = Free Cashflow PE = Price Earnings
BV = Book Value FV = Fair Value PEG = PE Ratio To Growth
CAGR = Compounded Annual Growth Rate FY = Financial Year PER = PE Ratio
Capex = Capital Expenditure FYE = Financial Year End QoQ = Quarter-On-Quarter
CY = Calendar Year MoM= Month-On-Month ROA = Return On Asset
DCF = Discounted Cashflow NAV = Net Asset Value ROE = Return On Equity
DPS = Dividend Per Share

NTA = Net Tangible Asset ROSF = Return On Shareholders Funds
EBIT = Earnings Before Interest And Tax P = Price WACC = Weighted Average Cost Of Capital
EBITDA = EBIT, Depreciation And Amortisation P.A. = Per Annum YoY = Year-On-Year
EPS = Earnings Per Share PAT = Profit After Tax YTD = Year-To-Date
EV = Enterprise Value PBT = Profit Before Tax
12 August 2013 Page 8 of 8
PV Drill i ng
































Mal aysi a
Maybank Investment Bank Berhad
(A Participating Organisation of
Bursa Malaysia Securities Berhad)
33rd Floor, Menara Maybank,
100 Jalan Tun Perak,
50050 Kuala Lumpur
Tel: (603) 2059 1888;
Fax: (603) 2078 4194

Si ngapor e
Maybank Kim Eng Securities Pte Ltd
Maybank Kim Eng Research Pte Ltd
9 Temasek Boulevard
#39-00 Suntec Tower 2
Singapore 038989

Tel: (65) 6336 9090
Fax: (65) 6339 6003


London
Maybank Kim Eng Securities
(London) Ltd
6/F, 20 St. Dunstans Hill
London EC3R 8HY, UK

Tel: (44) 20 7621 9298
Dealers Tel: (44) 20 7626 2828
Fax: (44) 20 7283 6674


New Yor k
Maybank Kim Eng Securities
USA Inc
777 Third Avenue, 21st Floor
New York, NY 10017, U.S.A.

Tel: (212) 688 8886
Fax: (212) 688 3500


Stockbroking Business:
Level 8, Tower C, Dataran Maybank,
No.1, Jalan Maarof
59000 Kuala Lumpur
Tel: (603) 2297 8888
Fax: (603) 2282 5136


Hong Kong
Kim Eng Securities (HK) Ltd
Level 30,
Three Pacific Place,
1 Queens Road East,
Hong Kong

Tel: (852) 2268 0800
Fax: (852) 2877 0104


I ndonesi a
PT Kim Eng Securities
Plaza Bapindo
Citibank Tower 17
th
Floor
Jl Jend. Sudirman Kav. 54-55
Jakarta 12190, Indonesia

Tel: (62) 21 2557 1188
Fax: (62) 21 2557 1189


I ndi a
Kim Eng Securities India Pvt Ltd
2nd Floor, The International 16,
Maharishi Karve Road,
Churchgate Station,
Mumbai City - 400 020, India

Tel: (91).22.6623.2600
Fax: (91).22.6623.2604


Phi l i ppi nes
Maybank ATR Kim Eng Securities
Inc.
17/F, Tower One & Exchange Plaza
Ayala Triangle, Ayala Avenue
Makati City, Philippines 1200

Tel: (63) 2 849 8888
Fax: (63) 2 848 5738


Thai l and
Maybank Kim Eng Securities
(Thailand) Public Company
Limited
999/9 The Offices at Central World,
20
th
- 21
st
Floor,
Rama 1 Road Pathumwan,
Bangkok 10330, Thailand

Tel: (66) 2 658 6817 (sales)
Tel: (66) 2 658 6801 (research)


Vi et nam
In association with
Maybank Kim Eng Securities JSC
1st Floor, 255 Tran Hung Dao St.
District 1
Ho Chi Minh City, Vietnam

Tel : (84) 844 555 888
Fax : (84) 838 38 66 39


Saudi Ar abi a
In association with
Anfaal Capital
Villa 47, Tujjar Jeddah
Prince Mohammed bin Abdulaziz
Street P.O. Box 126575
Jeddah 21352

Tel: (966) 2 6068686
Fax: (966) 26068787



Sout h Asi a Sal es Tr adi ng
Kevin FOY
[email protected]
Tel: (65) 6336-5157
US Toll Free: 1-866-406-7447

Nor t h Asi a Sal es Tr adi ng
Eddie LAU
[email protected]
Tel: (852) 2268 0800
US Toll Free: 1 866 598 2267




www.maybank-ke.com | www.maybank-keresearch.com