- We raise our target price (TP) for PLX by 1.6% to VND39,000/share and maintain our MARKET PERFORM rating. Our higher TP is mainly due to the positive impact of rolling our TP horizon forward to mid-2024, which outweighs a 6% cut in our aggregate 2023-2027F NPAT forecast (+7%/-2%/-10% for 2023/2024/2025F, respectively) that is mainly due to higher projected SG&A expenses following Q1 2023 results.
- We lower 2023F recurring NPAT by 10% as Q1 2023 selling expenses completed 29% of our full-year forecast. According to PLX, this was due to higher labor costs, increased advertising & marketing expenses (especially for brand recognition), and abnormal logistics costs.