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BSR - Pioneer of Vietnam’s refinery sector eyes IPO - Pre-IPO note

BSR plans to launch an IPO on January 17, 2018, offering a 7.79% stake through a public auction. The firm will then offer a 49% stake to strategic investors and list on UPCoM. BSR expects preliminary 2017 net profit of VND8 trillion (USD352 million, +78.4% YoY) mainly due to the removal of a special tax policy (which contributed ~60%-70% of the profit increase) and a widening spread between input and output prices despite a 52-day turnaround.