External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

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