PetroVietnam Coating (HNX:PVB) is a subsidiary of PV Gas and a leader of pipeline coating in Vietnam. As PV Gas plans to execute several projects in the next 5 years, demand for coating service will boost significantly to the benefit of PVB. PVB’s profitability is anticipated to further improve for other reasons. In FY14, we expect net profit to increase by 57% to reach VND92bn, translating to an EPS of VND4,276, forward PER of 6.3x, and dividend yield of 7.4%.