Oil and Gas

23

May

PVB – Brief – [NONRATED] – 1Q25: Time to roll up the sleeves

PVB’s revenue stood at VND106bn in 1Q25 (-14% yoy, +87% qoq), notably higher than the 5-year average quarterly revenue of VND69bn. Gross profit came in at VND12.6bn (-63% yoy), translating...
Report (31)

21

May

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...
Report (31)

09

May

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...
Report (32)

06

May

GAS – Earnings Review – [BUY] – 1Q25: Bad debt eased

GAS’s 1Q25 revenue rose 10% yoy to VND25.7tn, fulfilling 95% of KIS’s forecast. Gross profit reached VND4.09tn, slightly exceeding expectations at 103% of our forecast. Notably, GAS made no further...
Report (32)

24

April

CNG – Earnings review – [HOLD] – 1Q25: Recovery is hitting a rough patch

1Q25 volume and revenue upped 35% yoy from the low base, fulfilling 88% and 83% of our forecast. Gross profit grew 69% yoy, fulfilling 68% of our forecast. NPAT was...
Report (31)

25

February

GAS – In-depth – [BUY +16%] – Adopting new sources of growth

We maintain a BUY rating for GAS stock with a target price of VND79,300/share for long-term investment strategies:  Despite a vibrant LNG segment, high provisions and a poorer oil price...
Report (35)

12

February

BSR – Brief – [NONRATED] – 4Q24: Difficulties remain

4Q24 volume inched up 4% yoy per our estimates, at 2.1mn tonnes. Yet, revenue declined 14% yoy to VND36tn. 4Q24 gross profit turned positive but still poorly performed due to...
Report (38)

10

February

PLX – Brief – [NONRATED] – Back on track

In 4Q24, PLX's earning results bounced back after the Yagi trauma in 3Q24. PLX’s revenue grew by 3% yoy and 10% qoq (to VND71tn) as selling volume rose 8.4% yoy....
Report (37)

05

February

PVS – Brief – [NONRATED] – 4Q24: One-off income boosted earnings

4Q24 revenue grew to VND9.78tn (+45% yoy) thanks to boosted M&C segment (VND7.21tn, +77% yoy, +199% qoq). NPAT/NPAT-MI surged to VND705bn/VND551bn, respectively grew by 140%/92% yoy.
Report (32)
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