Published Date: 19/08/2024
- In 2Q24, PLX's net profit (NP) increased by 47.5% yoy despite flat volume yoy, thanks to improved gross profit margin. For 1H24, PLX recorded NP growth of 58.6% yoy, better than our expectation and fulfilling 68.9% of our FY24F forecast.
- We forecast PLX's FY24-25F NP to grow by 39.2%/15.4% yoy, respectively, thanks to benefits from adjustments in the standard business cost parameters in the base price formula and changes in the regulatory framework for petroleum business.
- We downgrade our recommendation to HOLD with a target price of VND53,500 per share as we believe PLX’s recent surge in price may have almost fully reflected the bright outlook of the company.
