Individual Clients
Corporate Clients
Q3 2026 net revenue reached VND59.6 trillion (+68% YoY), while net profit after tax (NPAT) surged 9.9-fold YoY to VND8.9 trillion. Earnings growth was primarily driven by average Brent crude prices rising 40% YoY to approximately USD97/bbl in Q3 2026. Accordingly, product-to-crude price differentials (crack spreads) widened significantly, supporting a sustained high gross profit margin of 16.2% in Q3 2026, compared with nearly 21% in Q1 and 15% in Q2. Financial income also rose to VND1,025 billion (+85% YoY), mainly attributable to interest income from bank deposits.
For 9M 2026, revenue totaled VND164 trillion (+58% YoY, 106% of full-year target and 92% of our forecast), NPAT reached VND24.9 trillion (up 11.6-fold YoY, 11.8 times full-year target and 1.3 times of our forecast).
We revise our 2026 and 2027 forecasts, raising our earnings estimates by 61% and 20%, respectively, from our previous projections, which assumed oil prices would decline from October. Accordingly, we raise our 2027 target price to VND34,500 per share (30% upside). Recommendation: BUY.
