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2026 Business Results:
PLX anticipates a potential loss of VND 1,000 billion in petroleum products in Q1 2026, due to volatile petroleum prices during that period.
In 2026, Petrolimex aims for a sales volume of approximately 19.4 million m³/tons (+10% year-on-year); consolidated revenue is projected at VND 315,000 billion (+1.7% year-on-year), and pre-tax profit at VND 3,380 billion (-5.6% year-on-year).
Petroleum Supply:
PLX is implementing solutions: (1) maintaining high inventory levels, (2) proactively contacting global suppliers to ensure supply, and (3) working with domestic partners such as BSR (Dung Quat Refinery) and NSR (Nghi Son Refinery) to ensure petroleum supply in 2026. PLX is proactively blending E5 and E10 biofuels to ensure implementation plans in 2026.
2026 Forecast: For 2026, we maintain our revenue forecast at VND 353,526 billion (+14.1% yoy) and net profit at VND 3,688 billion (+21.4% yoy). We maintain our PLX valuation with a target price of VND 49,600/share by the end of 2026. Rating: BUY.
