PLX – Update – In anticipation of new growth drivers
Posted: Feb 11, 2026
- In Q4/2025, PLX reported net profit of VND 586bn (+8% YoY, equivalent to 103% of our forecast), primarily driven by strong volume growth. For FY2025, PLX recorded net profit of VND 2,696bn (–6.7% YoY), as lower selling prices across petroleum products exerted pressure on margins. This result represents 105% of our full-year earnings forecast.
- We forecast PLX’s net profit for 2026–27 at VND 2,770bn (+2.8% YoY) and VND 3,508bn (+26.7% YoY), respectively, supported by expectations that the draft petroleum trading law will enhance PLX’s margin profile.
- We maintain a HOLD recommendation with a target price of VND 61,000/share, as the recent strong share price performance has limited further upside potential.
Share:
Relevant reports
Don't have an MBS account?
Open an accountStart trading and stay informed with timely updates and valuable reports from MBS.
If you have an MBS account, please register to receive reports from MBS.
Get the latest market updates and corporate insights from MBS.