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BSR [MARKET PERFORM] - A unique play on Vietnam’s exciting refining sector - Initiation

We initiate BSR with a MARKET PERFORM rating and 6.5% total return. A dominant market position, a strong recovery of diesel crack spreads as well as the tax advantage gasoline enjoys compared to imported products ensure BSR’s bright outlook. We forecast a nominal decline in 2018 earnings as robust volume growth may not be enough to compensate for a lower gasoline crack spread.