BSR – Update – Expansion Project Becoming Clearer
Posted: Sep 11, 2025
- We forecast BSR’s net profit to reach VND 2.043 billion in 2025 (+223,7% YoY) and VND 3.799 billion in 2026 (+86,0% YoY), supported by stable crack spread dynamics that help improve gross margin and stronger output growth.
- The long-term outlook of BSR becomes clearer with the Dung Quat Refinery Upgrade and Expansion (NCMR) project, which is expected to be completed by Q3/2028. Post-NCMR, we estimate BSR’s gross margin to reach 7,2%, thanks to the company’s focus on more complex petrochemical products with higher value-added.
- We maintain our ADD recommendation with a target price of VND 30.200/share.
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