External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Sales volume continues to grow steadily, supported by PLX’s leading market position and the largest distribution network in the country.</li><li>In 2026, we project revenue of over VND 443 trillion (+43% YoY) and NPAT-MI of approximately VND 3.4 trillion (+26% YoY), primarily driven by a 13.3% increase in domestic sales volume and a 30.9% rise in average selling prices amid growing demand from the transportation and logistics sectors.</li><li>For 2026–2030, revenue and NPAT-MI are projected to grow at CAGRs of 10.9% and 8.0%, respectively, supported by the continued expansion of PLX’s petroleum station network and its leading position in the retail channel.</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>

Sales volume continues to grow steadily, supported by PLX’s leading market position and the largest distribution network in the country.In 2026, we project revenue of over VND 443 trillion (+43% YoY) and NPAT-MI of approximately VND 3.4 trillion (+26% YoY), primarily driven by a 13.3% increase in domestic sales volume and a 30.9% rise in average selling prices amid growing demand from the transportation and logistics sectors.For 2026–2030, revenue and NPAT-MI are projected to grow at CAGRs of 10.9% and 8.0%, respectively, supported by the continued expansion of PLX’s petroleum station network and its leading position in the retail channel.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 - Waiting for the Approval of the Draft Decree on the Petroleum Business

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

Mirae Asset Securities

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

<ul><li>With the new petroleum regulatory framework expected to be issued by Oct-26 at the latest, replacing Decrees 83/2014, 95/2021 and 80/2023, we expect the industry to undergo a meaningful restructuring.</li><li>After nearly three years of drafting and multiple rounds of consultation, the final framework is expected to move toward a model in which the State sets the regulatory boundaries while companies are granted greater discretion over commercial decisions, with two key changes:</li><li>Pricing mechanism: a full transition toward a market-based mechanism, allowing participants to determine retail prices based on actual operating costs, while the State primarily publishes regulated cost benchmarks.</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>

With the new petroleum regulatory framework expected to be issued by Oct-26 at the latest, replacing Decrees 83/2014, 95/2021 and 80/2023, we expect the industry to undergo a meaningful restructuring.After nearly three years of drafting and multiple rounds of consultation, the final framework is expected to move toward a model in which the State sets the regulatory boundaries while companies are granted greater discretion over commercial decisions, with two key changes:Pricing mechanism: a full transition toward a market-based mechanism, allowing participants to determine retail prices based on actual operating costs, while the State primarily publishes regulated cost benchmarks.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) Regulatory Reform Adds Upside Risk

<ul><li>2Q26 results were broadly in line with our forecasts, with net revenue reaching VND136,218bn (+78% YoY) and NPAT surging 106% YoY to VND2,809bn, marking PLX's highest quarterly profit since listing.</li><li>Revenue growth was supported by a 97% YoY increase in average selling prices and domestic consumption volume of 3.3mn m³/tonnes (+11% YoY, +4% QoQ), as PLX helped offset domestic supply shortfalls from other participants.</li><li>International trading activities also contributed positively to revenue growth, according to PLX, although detailed figures were not disclosed</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>

2Q26 results were broadly in line with our forecasts, with net revenue reaching VND136,218bn (+78% YoY) and NPAT surging 106% YoY to VND2,809bn, marking PLX's highest quarterly profit since listing.Revenue growth was supported by a 97% YoY increase in average selling prices and domestic consumption volume of 3.3mn m³/tonnes (+11% YoY, +4% QoQ), as PLX helped offset domestic supply shortfalls from other participants.International trading activities also contributed positively to revenue growth, according to PLX, although detailed figures were not disclosedContent 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 (HOSE: PLX VN) A Steady Recovery in Choppy Waters

Thematic (Sector/Industry)

<ul><li>VCB’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.</li><li>Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.</li><li>Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. </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>

VCB’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. 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)_Oct 2026

<ul><li>Volume growth remained resilient in 2025, with PLX recording an 8% YoY increase – broadly in line with our initial forecast of 8.5% YoY – thereby lifting its market share to 43%, despite the industry posting only modest growth of 0.8% YoY.</li><li>The weak overall demand backdrop was primarily constrained by intensifying competition from rapid EV penetration.</li><li>Meanwhile, regulatory tightening continued, as reflected in a 3% YoY decline in the number of licensed distributors.</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>

Volume growth remained resilient in 2025, with PLX recording an 8% YoY increase – broadly in line with our initial forecast of 8.5% YoY – thereby lifting its market share to 43%, despite the industry posting only modest growth of 0.8% YoY.The weak overall demand backdrop was primarily constrained by intensifying competition from rapid EV penetration.Meanwhile, regulatory tightening continued, as reflected in a 3% YoY decline in the number of licensed distributors.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 (HOSE: PLX VN) Leveraging Scale Advantages

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)

PLX - Waiting for the Approval of the Draft Decree on the Petroleum Business

Sales volume continues to grow steadily, supported by PLX’s leading market position and the largest distribution network in the country.

Rong Viet Securities

Vietnam National Petroleum Group (PLX VN) Regulatory Reform Adds Upside Risk

With the new petroleum regulatory framework expected to be issued by Oct-26 at the latest, replacing Decrees 83/2014, 95/2021 and 80/2023, we...

Mirae Asset Securities

Vietnam National Petroleum Group (HOSE: PLX VN) A Steady Recovery in Choppy Waters

Please change this text!2Q26 results were broadly in line with our forecasts, with net revenue reaching VND136,218bn (+78% YoY) and NPAT surging...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_Oct 2026

Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.

Mirae Asset Securities

Vietnam National Petroleum Group (HOSE: PLX VN) Leveraging Scale Advantages

Volume growth remained resilient in 2025, with PLX recording an 8% YoY increase – broadly in line with our initial forecast of 8.5% YoY – thereby...

Mirae Asset Securities

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