Published Date: 29/08/2024
- BSR's 2Q24 and 1H24 net profit was negatively affected (-41.7% yoy and -35% yoy, respectively) by narrow cracks spread and the 48-day maintenance.
- FY24F net profit may decline by 43.6% and bounce back by 20% in FY25F thanks to increasing output. We expect long-term growth driver of BSR to come from the upgrade and expansion project, which will be comleted by 3Q28F.
- Recommend ADD with a target price of 27,400 VND/share thanks to the expectation that switching to HOSE will enhance BSR’s transparency.
