External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Petrolimex Petrochemical Jsc / Equity Bottom-Up

<ul><li style="text-align: justify;">We raise our target price (TP) for PLC by 10% to VND31,900/share and reiterate a BUY rating.</li><li style="text-align: justify;">This reflects (1) a 6% increase in our DCF valuation, driven by (a) 3% higher aggregate 2025– 29F NPAT-MI (respective changes of +12%/+1%/+3%/+1%/+2%, for 2025–29F), (b) rolling our TP horizon forward to mid-2026, and (2) a 15% increase in our P/E valuation by moving EPS forward to the 2025–26 average of VND2,345/share (+67% vs our old 2025F forecast), outweighing a lower P/E to 12.0x (8Y median) from 17.5x (5Y median).</li><li style="text-align: justify;">The higher aggregate NPAT-MI mainly reflects stronger-than-expected H1 2025 results from higher asphalt and chemicals gross profit and stronger financial income, which outweigh higher G&amp;A expenses.</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 PLC by 10% to VND31,900/share and reiterate a BUY rating.This reflects (1) a 6% increase in our DCF valuation, driven by (a) 3% higher aggregate 2025– 29F NPAT-MI (respective changes of +12%/+1%/+3%/+1%/+2%, for 2025–29F), (b) rolling our TP horizon forward to mid-2026, and (2) a 15% increase in our P/E valuation by moving EPS forward to the 2025–26 average of VND2,345/share (+67% vs our old 2025F forecast), outweighing a lower P/E to 12.0x (8Y median) from 17.5x (5Y median).The higher aggregate NPAT-MI mainly reflects stronger-than-expected H1 2025 results from higher asphalt and chemicals gross profit and stronger financial income, which outweigh higher G&amp;A expenses.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.

PLC [BUY +22.7%] - Accelerating Expressway Buildout Drives Earnings Growth