Equity Report

Q2/2026 BSR’s revenue and net profit after tax reached over VND 58,716bn and VND 7,460bn, respectively (+59.7%/+781% YoY). This positive result stemmed from crack spreads remaining favorable in April and May, despite signs of decline in June, alongside continued stable output volumes.

We forecast BSR’s 2026F and 2027F profit at VND 24,069bn and VND 9,021bn, respectively (+361.7%/-62.5% YoY), as BSR’s profit gradually cools as crack spreads decline following the sharp run-up