Title | PLX Initial Report - OUTPERFORM - Changes in Draft 4 of the new decree open up positive prospects |
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Category: | Company Report |
Source: | Bao Viet Securities |
Industry: | Oil & Gas |
Business: | Vietnam National Petroleum Group |
Detail: |
11/10/2024
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Summary: |
We use two valuation methods, FCFF and P/E, with a 50% weighting for each, resulting in a target price of VND 57,607/share, equivalent to a 29.4% upside potential. We assess that PLX may face the risk of crude oil price declines. We have reflected this risk in our valuation model by lowering PLX's gross profit margin in 2H2024, as we believe PLX will face inventory provision pressure when oil prices decline. In 2025, we expect oil prices to remain flat compared to the current range (approximately USD 70–75/barrel). ………………………………………………………………............. Please find the attached file below. |