PLX – Earnings review – [BUY] – 2Q25: Foreign trading saved the day

PLX’s 2Q25 consolidated revenue grew 5% yoy to VND77.1tn (119% of our forecast). Gross profit surprisingly grew 11% yoy to VND5.1tn (156% of our forecast), with gross margin expanding to 6.7% (vs 6.3% in 1Q24, vs our expectation of only 5.1%), despite oil turmoil in the period. We attribute the higher-than-expected gross earnings to positive trading gains of PLX Singapore that offset the negative effects of oil turbulence on the domestic business. 2Q25 NPAT grew 6% yoy, to VND1.37tn.