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PLC [NOT RATED] - Brighter outlook from public investment disbursement - Company Visit Note

- We provide an update on PLC following our last report dated September 11, 2020. 

- Asphalt continued to be a major revenue contributor in 2022 as it accounted for 48% of revenue, followed by chemicals & solvents (32%), lubricants (19%) and others (0.7%). 

- PLC had 2022 NPAT-MI of VND133bn (-24% YoY), which was primarily due to (1) rising input costs from higher oil prices, (2) losses from associates and (3) foreign exchange losses due to the USD’s appreciation vs the VND (see p. 3-4). PLC completed 88% of its 2022 NPAT-MI target.  

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