PLX – Earnings review – [BUY] – 1Q25: Oil turbulence hit hard
PLX’s 1Q25 consolidated revenue declined by 10% yoy to VND67.9tn (97% of our forecast). Gross profit fell 21% yoy to VND3.7tn (97% of our forecast), with gross margin narrowing to 5.5% (matching our forecast, vs 6.2% in 1Q24), amid heightened Brent volatility. SG&A rose 5% yoy to VND3.6tn. 1Q25 NPAT plunged 81% yoy to just VND211bn (only 32% of our forecast). We maintain BUY rating (TP: VND47,300) citing (1) expectations for the new Petroleum Decree; and (2) PLX’s ability to capture market share amid tightened regulation.
Featured Analysis
Derivatives: Caution prevails
Derivatives: New high formed
Market commentary: Mild volatility
Derivatives: Caution returns
Market commentary: Continued uptrend
PPC – Earnings review – [HOLD] – 1Q25: The profit remains weak
Market traders: Domestic institutional trading activity surged
Bài viết liên quanXem tất cả >
30/05/2025
Derivatives: Caution prevails
29/05/2025
Derivatives: New high formed

Introduce
Rules