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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>The recovery of China’s market points to rising demand for crude oil.</li><li>China’s total imports have increased by 20% YoY, providing significant support for oil prices amid the global economy’s still-slow recovery.</li><li>According to the International Energy Agency (IEA), global crude oil demand is forecast to increase to 103mnbd by 2mnbd (+2% YoY) in 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>

The recovery of China’s market points to rising demand for crude oil.China’s total imports have increased by 20% YoY, providing significant support for oil prices amid the global economy’s still-slow recovery.According to the International Energy Agency (IEA), global crude oil demand is forecast to increase to 103mnbd by 2mnbd (+2% YoY) in 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.

Industry Report - Oil and Gas - Neutral - China's recovery holds key to growth

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

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

<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

Vietnam

Petrolimex, formally the Vietnam National Petroleum Group, is a leading state-owned enterprise in Vietnam primarily engaged in the import, export, and wholesale and retail trading of petroleum products, petrochemicals, and related products such as gasoline, diesel oil, fuel oil, and aviation fuel. The company also operates an extensive network of petroleum bulk stations and gasoline stations across the country. Additionally, Petrolimex has significant subsidiaries involved in insurance, transportation, and trading services. It was founded in 1956 and is headquartered in Hanoi, Vietnam.

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Petrolimex (PLX VN)

Industry Report - Oil and Gas - Neutral - China's recovery holds key to growth

According to the International Energy Agency (IEA), global crude oil demand is forecast to increase to 103mnbd by 2mnbd (+2% YoY) in 2023.

Mirae Asset Securities

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

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Industry Report - Oil and Gas - Neutral - China's recovery holds key to growth

According to the International Energy Agency (IEA), global crude oil demand is forecast to increase to 103mnbd by 2mnbd (+2% YoY) in 2023.

Mirae Asset Securities

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