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PLX [MARKET PERFORM +1.1%] - Positive impact of Decree 95 revision discounted - Update

- We raise our target price (TP) for PLX by 35% to VND38,400/share but downgrade our rating from OUTPERFORM to MARKET PERFORM as the company’s share price has jumped 40% over the past two months. 

- Our higher TP is mainly due to our ~30% upward revision in 2023-2024F NPAT-MI as we raise PLX’s domestic sales volume by ~8%. We believe PLX benefits from taking market share from weaker players through higher sales volume. 

- We maintain our 2023-2027F profit per liter assumption as base price component adjustments (regulated transportation costs & premiums) in Q4 2022 nearly covered PLX’s actual costs and premiums, according to the company. We attribute this to PLX’s dominant market share and large scale that provide the company with cost advantages vs its peers.

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