External broker reports(aggregated public sources), Vietcap

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Vietnam National Petroleum Gro / Equity Bottom-Up

<ul><li>We lower our target price (TP) for PLX by 14% to VND41,100/share but maintain a BUY rating.</li><li>Our TP revision reflects a 12% downward revision in our aggregate 2025–2029F NPAT-MI forecast (with respective increases of +2%/-21%/-13%/-12%/-12% for 2025–2029F).</li><li>Our lower aggregate NPAT-MI forecast reflects a 4.4% cut in average gross profit per liter (GPPL), driven by (1) a less favorable pricing mechanism in Draft 7, replacing actual (Draft 6) with a regulated cost component, which we delay the effective date of by one year to January 2027; (2) removal of the assumed VND30/liter regulated cost hike from July 2025, lowering the 2026 GPPL growth base; and (3) an 8% Brent oil price cut that causes headwinds in 2026.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We lower our target price (TP) for PLX by 14% to VND41,100/share but maintain a BUY rating.Our TP revision reflects a 12% downward revision in our aggregate 2025–2029F NPAT-MI forecast (with respective increases of +2%/-21%/-13%/-12%/-12% for 2025–2029F).Our lower aggregate NPAT-MI forecast reflects a 4.4% cut in average gross profit per liter (GPPL), driven by (1) a less favorable pricing mechanism in Draft 7, replacing actual (Draft 6) with a regulated cost component, which we delay the effective date of by one year to January 2027; (2) removal of the assumed VND30/liter regulated cost hike from July 2025, lowering the 2026 GPPL growth base; and (3) an 8% Brent oil price cut that causes headwinds in 2026.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PLX [BUY +24.4%] - Less favorable petroleum decree, undemanding valuation - Update

<ul><li>We raise our target price (TP) for PLX by 11% to VND47,800/share and re-iterate a BUY rating.</li><li>Our TP revision reflects (1) an 11% upward revision in our aggregate 2025–2029F NPAT-MI forecast (with respective increases of +12%/+9%/+11%/+11%/+10% for 2025–2029F).</li><li>Our higher aggregate NPAT-MI forecast mainly reflects (1) a 1.4% increase in our domestic sales volume assumption after PLX’s impressive market share expansion in H1 2025; </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We raise our target price (TP) for PLX by 11% to VND47,800/share and re-iterate a BUY rating.Our TP revision reflects (1) an 11% upward revision in our aggregate 2025–2029F NPAT-MI forecast (with respective increases of +12%/+9%/+11%/+11%/+10% for 2025–2029F).Our higher aggregate NPAT-MI forecast mainly reflects (1) a 1.4% increase in our domestic sales volume assumption after PLX’s impressive market share expansion in H1 2025; Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PLX [BUY +35.2%] - NPAT to Double in 2 Years on New Pricing, Higher Market Share - Update

<ul><li>We raise our target price (TP) for PLX by 11% to VND47,800/share and re-iterate a BUY rating.</li><li>Our TP revision reflects (1) an 11% upward revision in our aggregate 2025–2029F NPAT-MI forecast (with respective increases of +12%/+9%/+11%/+11%/+10% for 2025–2029F).</li><li>Our higher aggregate NPAT-MI forecast mainly reflects (1) a 1.4% increase in our domestic sales volume assumption after PLX’s impressive market share expansion in H1 2025; and (2) a 2.4% rise in average gross profit per liter due to strong Q2 2025 results with H1 core NPAT completing 57% of our previous 2025F forecast.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We raise our target price (TP) for PLX by 11% to VND47,800/share and re-iterate a BUY rating.Our TP revision reflects (1) an 11% upward revision in our aggregate 2025–2029F NPAT-MI forecast (with respective increases of +12%/+9%/+11%/+11%/+10% for 2025–2029F).Our higher aggregate NPAT-MI forecast mainly reflects (1) a 1.4% increase in our domestic sales volume assumption after PLX’s impressive market share expansion in H1 2025; and (2) a 2.4% rise in average gross profit per liter due to strong Q2 2025 results with H1 core NPAT completing 57% of our previous 2025F forecast.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Petrolimex PLX VN - NPAT to Double in 2 Years on New Pricing, Higher Market Share

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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<ul><li>Vietnam National Petroleum Group (Petrolimex – PLX VN), a wholesaler, dominates Vietnam's domestic petroleum products market, accounting for more than 48% of local gasoline distribution.</li><li>By end-2024, PLX owned a network of 4,730 stations out of a total of 17,000 fuel outlets nationwide, which is twice as many as the second-largest player.</li><li>In August 2024, the Ministry of Industry and Trade (MoIT) released the fourth draft of the new petroleum decree, which amends and revises application Decrees 83/2014, 95/2021, and 80/2023.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Vietnam National Petroleum Group (Petrolimex – PLX VN), a wholesaler, dominates Vietnam's domestic petroleum products market, accounting for more than 48% of local gasoline distribution.By end-2024, PLX owned a network of 4,730 stations out of a total of 17,000 fuel outlets nationwide, which is twice as many as the second-largest player.In August 2024, the Ministry of Industry and Trade (MoIT) released the fourth draft of the new petroleum decree, which amends and revises application Decrees 83/2014, 95/2021, and 80/2023.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam National Petroleum Group (PLX VN Equity/Buy) - Revaluation from Regulatory Changes

Thematic (Sector/Industry)

<ul><li>FPT cut its 2025 base-case guidance to 15% revenue and 18–19% profit growth (vs. 20%/21% at AGM): As of 8M25, revenue reached VND43,818bn (+10.5% YoY) and PBT VND8,315bn (+17.5% YoY), with a margin of 19.0%.</li><li>The Technology segment led with VND27,123bn revenue (+10.6% YoY) and PBT VND3,807bn (+13% YoY), margin of 14%.</li><li>Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

FPT cut its 2025 base-case guidance to 15% revenue and 18–19% profit growth (vs. 20%/21% at AGM): As of 8M25, revenue reached VND43,818bn (+10.5% YoY) and PBT VND8,315bn (+17.5% YoY), with a margin of 19.0%.The Technology segment led with VND27,123bn revenue (+10.6% YoY) and PBT VND3,807bn (+13% YoY), margin of 14%.Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock recommendations (Vietnam Market)_October 2025

Vietnam

Vietnam National Petroleum Group (Petrolimex) provides petroleum products. The Company offers oils, greases, liquefied petroleum gas, and oil transportation, as well as invest in engineering, installation, mechanical and oil equipment, insurance, banking, and other commercial and services activities. Petrolimex serves customers worldwide.

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Vietnam National Petroleum Gro (PLX VN)

PLX [BUY +24.4%] - Less favorable petroleum decree, undemanding valuation - Update

Our TP revision reflects a 12% downward revision in our aggregate 2025–2029F NPAT-MI forecast (with respective increases of +2%/-21%/-13%/-12%/-12%...

Vietcap

Vietnam National Petroleum Group (PLX VN Equity/Buy) - Revaluation from Regulatory Changes

By end-2024, PLX owned a network of 4,730 stations out of a total of 17,000 fuel outlets nationwide, which is twice as many as the second-largest...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_October 2025

Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.

Mirae Asset Securities

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PLX [BUY +24.4%] - Less favorable petroleum decree, undemanding valuation - Update

Our TP revision reflects a 12% downward revision in our aggregate 2025–2029F NPAT-MI forecast (with respective increases of +2%/-21%/-13%/-12%/-12%...

Vietcap

PLX [BUY +35.2%] - NPAT to Double in 2 Years on New Pricing, Higher Market Share - Update

Our TP revision reflects (1) an 11% upward revision in our aggregate 2025–2029F NPAT-MI forecast (with respective increases of +12%/+9%/+11%/+11%...

Vietcap

Petrolimex PLX VN - NPAT to Double in 2 Years on New Pricing, Higher Market Share

Our TP revision reflects (1) an 11% upward revision in our aggregate 2025–2029F NPAT-MI forecast (with respective increases of +12%/+9%/+11%/+11%...

Vietcap

Vietnam National Petroleum Group (PLX VN Equity/Buy) - Revaluation from Regulatory Changes

By end-2024, PLX owned a network of 4,730 stations out of a total of 17,000 fuel outlets nationwide, which is twice as many as the second-largest...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_October 2025

Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.

Mirae Asset Securities