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BSR - Strong volume recovery offsets lower spread - Earnings Flash

BSR announced H1 2018 results in which revenue grew 45% YoY to VND55.9tn (USD2.5bn) and NPAT slightly declined by 7% YoY to VND3.4tn (USD151.7mn). Strong sales volume growth of 20% compensated for a decline in crack spread in H1. These results are broadly in line with our expectation but were very positive as they are ~20% higher than the preliminary guidance from BSR’s AGM (June 22). BSR is trading at a TTM P/E of 6.9x.