BSR – Brief – [NONRATED] – 1Q25: Prolonged difficulties

1Q25 volume grew 14% yoy, but revenue grew slower at 4% yoy, to VND31.9tn. 1Q25 gross profit remained weak at VND382bn under the pressures of (1) continued gross loss from gasoline and (2) provision due to oil turbulence. 1Q25 NPAT turned positive but remained modest (-64% yoy). In 2Q25F, we anticipate dual pressures from weak crack spreads and higher oil price volatility to heavily weigh on BSR’s earning results.