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PLX [MARKET PERFORM -0.3%] - Vietnam’s leading petroleum retailer ready for new cycle - Initiation

We initiate PLX with a MARKET PERFORM rating, -0.3% TSR including 4.4% dividend yield. We project 2017 revenue growth of 8.7% and an NPAT decline of 10.9% as the benefit from a low import tariff from South Korea peters out. Expanding its network by 100-150 owned stations p.a. to widen the high-margin COCO (Company-Own-Company-Operate) segment will ensure 2017-2020 revenue and EPS CAGRs of 8.6% and 10.8%, respectively.