- PLX announced robust H1 2021 results with revenue of VND85tn (USD3.7bn; +30.1% YoY) and NPAT-MI of VND2tn (USD90mn) vs a net loss of VND866bn (USD38mn) in H1 2020, driven by rising petrol prices and a recovery of petroleum demand. H1 2021 NPAT-MI achieved 66.0% of our full-year forecast. 

- In Q2 2021, PLX’s revenue and NPAT-MI rose 74.4% YoY and 36.8% YoY, respectively, which we believe was mostly thanks to the impact of favorable petrol price movement in Q2 2021. Q2 2021 NPAT-MI was the highest quarterly NPAT figure over the past five years.

- Per PLX, total domestic sales volume grew 1.5% YoY in H1 2021, which implies flat domestic sales volume growth in Q2 2021 vs 4.7% growth in Q1 2021. Notably, sales volume from owned stations (COCO) increased more than 4.0% YoY in Q2 2021. 

- H1 2021 selling expenses rose 19.5% YoY, completing 55.9% of our 2021F forecast. We note that PLX booked an expense of VND250bn (USD11mn) for a COVID-19 donation in Q2 2021.

- While the current COVID-19 situation may affect PLX’s Q3 sales volume, H1 2021 results were above our expectation; we thus foresee upside to our current forecast, pending a fuller review.