- PLX released Q4 2022 results with revenue of VND78tn (USD3bn; +59% YoY) and NPAT-MI of VND1.2tn (USD49mn; 96.3% YoY). The nearly doubled NPAT-MI vs 2021 was due to 1) Brent oil prices recovering in late December 2022 and early January 2023, which led PLX to reverse all its 9M 2022 recorded inventory provision expense and supported the company with cheap petroleum inputs when sold, 2) adjustments of base price components in October-November 2022 being nearly enough to reflect PLX’s actual operating expenses, and 3) a lower-than-expected USD/VND exchange rate (around 23,600) in December 2022 compared to the high base in October-November 2022 of nearly 25,000, which supported PLX’s Q4 2022 FX gains (VND684bn) and was enough to offset its 9M 2022 FX losses (VND644bn). 

- In 2022, PLX’s revenue was VND304tn (USD13bn; +80% YoY) and its NPAT-MI was VND1.5tn (USD63mn; -48% YoY). We note that Q4 2022 NPAT accounted for ~80% of 2022 NPAT-MI.

- We also note that PLX previously announced its 2022 preliminary results with PBT of VND2,068bn. The actual PBT turned out to be 9% higher. Nevertheless, 2022 NPAT-MI completed 102.7% of our full-year forecast and was within our expectation. Therefore, we foresee insignificant change to our 2023F projections, pending a fuller review. 

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