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 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