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: Volatility near new highs
Derivatives: Rising liquidity
Market commentary: Broad-based gains
Market traders: Strong proprietary net outflows
Derivatives: Testing short-term moving averages
Market commentary: Demand rebounds
Exchange rate under pressure as interest rate gap widens
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26/06/2025
Market commentary: Index flat
26/06/2025
Derivatives: Volatility near new highs
25/06/2025
Derivatives: Rising liquidity

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