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.