PLX – Earnings Update – 20180208

• PLX’s 4Q17 net revenue surged by 23.3% mainly due to the increase of petroleum output (+5.0% yoy) and the rise in global crude oil prices (+17.4% yoy)
• Interest expenses in 4Q17 increased by 57.1% yoy and 37.5% qoq, due to a sharp increase in short-term debt in this period
• PLX also witnessed a significant increase in its inventories in the second half of this year, especially before January 1, 2018 when the government required all petroleum distributors in Vietnam to stop distributing RON92 gasoline and to replace it with E5 gasoline
• At yesterday’s closing price, PLX is trading at a discount to domestic peers.

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