- 341 shareholders (owning 93.1% of total outstanding shares) attended PLX’s AGM on June 26, which discussed the company’s conservative guidance for 2023, the petroleum supply, Decree 95, the transition to green energy, and restructuring progress.

- Shareholders approved 2023 guidance for revenue of VND190tn (USD8bn; -38% YoY) and PBT of VND3.2tn (USD137mn; +42% YoY), which we believe is due to the company’s conservative sales volume target. Over the past nine years, PLX’s actual sales volume has beaten its targets by an average of 6%. PLX’s 2023 PBT target is equivalent to 78% of our 2023 recurring PBT forecast.

- Shareholders approved a 2022 cash dividend of VND700/share, beating our forecast for no cash dividend Previously, PLX targeted to pay a 12% stock dividend for 2022. PLX targets 2023 DPS of VND1,000 vs our forecast of VND1,500.

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