BỘ GIÁO DỤC VÀ ĐÀO TẠO

TRƯỜNG ĐẠI HỌC MỞ THÀNH PHỐ HỒ CHÍ MINH

KHOA ĐÀO TẠO ĐẶC BIỆT

ĐỊNH GIÁ
TỔNG CÔNG TY HÓA DẦU
PETROLIMEX

Người hướng dẫn: Đỗ Thị Thanh Nhàn

Nhóm thực hiện: Nhóm 3
Sinh viên thực Nguyễn Thị Hòa
hiện: Cao Phan Bảo Ngân
Lâm Ngọc Yến Nhi
Nguyễn Đức Kiên
Đỗ Lê Phương Nhi

THÀNH PHỐ HỒ CHÍ MINH, NĂM 2023

PART 1

I. General introduction
Petrolimex Petrochemical Corporation - JSC, formerly known as Lubricants Company, was
established on June 9, 1994. On October 13,shares, Lubricant Company was renamed
Petrochemical Company under Vietnam Petroleum Corporaissued On December 23, 2003, the
Lubricant Company was approved. On March 1, 2004, Petrolimex Petrochemical Joint Stock
Company officially went into operation with a charter capital of 150 billion VND, of which
Petrolimex holds a controlling stake of 85%. After many years of production and business
activities, currently, the charter capital of PLC Corporation has reached 807,988 billion VND, of
which Petrolimex owns 79.07% of the charter capital.
Being the first domestic enterprise in Vietnam specializing in chemical products including:
lubricants, asphalt, chemicals. Operating under the model of parent company and subsidiaries
(including Petrolimex Asphalt Company Limited and Petrolimex Chemical Company Limited),
PLC Corporation has developed strongly in all three key industries, with specialized fields. to
become pioneers in technology, burial as well as research and development of new products for
the market. In addition to the main business, the Corporation's participation in joint ventures and
partnerships with other businesses are all in supporting industries, in the supply chain of PLC
Corporation. The development orientation of PLC Corporation is to focus on strengthening the
position of the domestic market, expanding the scale of three industries to eight regions and
internationally.
Vietnamese name: TỔNG CÔNG TY HÓA DẦU PETROLIMEX
English name: PETROLIMEX PETROCHEMICAL CORPORATION
Abbreviation: PLC.

Logo:
Tax code: 0101463614
Type of enterprise: Non-state joint stock company
Head office address: No. 1 Kham Thien - Kham Thien Ward - Dong Da District - Hanoi City
Listing code: PLC on Hanoi stock exchange center
Main business fields and lines:
 Trading, manufacturing, importing Lubricants, Asphalt, Chemicals (except chemicals
banned by the State) and other items in the field of petroleum and gas products.
  Trading, importing and exporting: specialized supplies and equipment for
Petrochemicals.
 Service business: operation, warehouse rental, mixing, testing analysis, consulting and
Petrochemical technical services.
 Real estate business.
 Business of ship supply services.

II. Financial statement

 Balance Sheet

Assets and equity Unit: Million VND

STT Targets 2020 2021 2022
A Total assets 4,702,058 4,827,918 4,621,202
1 Short-term assets 3,550,517 3,782,713 3,686,286
2 Long-term assets 1,151,541 1,045,205 934,916
B Total capital 4,702,058 4,827,918 5,311,328
1 Liabilities must pay 3,445,570 3,454,421 3,937,831
- Short-term liabilities 3,403,973 3,453,253 3,932,612
- Long-term liabilities 41,597 1,168 5,219
2 Equity 1,256,488 1,373,497 1,373,497

Capital in money
From many years of significant production and business results and efficiency,
Petrolimex Petrochemical Corporation has maintained the capital value in cash at an appropriate
level, managing cash flow effectively, flexibly and safely. to ensure full response to capital needs
for production and business as well as planned investment projects.
 Total consolidated assets as of December 31, 2022 of Petrolimex Petrochemical
Corporation Joint Stock Company are 4,621,257 million VND, down 206,660 million VND and
corresponding to a decrease of 4.28% compared to the end of the period in 2021. In which:
+ Long-term assets as of December 31, 2022 are 934,961 million VND,
accounting for 20.23% of total assets and a decrease of 110,243 million VND, equivalent to a
decrease of 10.55% compared to 2021. In total long-term assets In the short term, fixed assets
account for the main proportion of 79.66%, other long-term assets account for 15.62%,
construction in progress costs and long-term financial investments account for 4.17%. Long-term
assets decreased mainly due to a decrease in fixed assets of VND 73,886 million and a decrease
in other long-term assets of VND 21,203 million.
+ Short-term assets as of December 31, 2022 are 3,686,296 million VND,
accounting for 79.77% of total assets and down 96,417 million VND, equivalent to a decrease of
2.55% compared to 2021. In total assets Short-term assets, receivables account for 38.85%,
inventory accounts for 38.84%, financial investments account for 5.93%, cash and cash
equivalents account for 14.92%. The structure of short-term assets fluctuated mainly in financial
investments, which decreased by VND 479,254 million, inventories increased by VND 185,095
million, cash and cash equivalents increased by VND 174,094 million, and receivables increased
by VND 23,450 million. copper.
 Total consolidated capital as of December 31, 2022 of Petrolimex Petrochemical
Corporation - JSC is 4,621,257 million VND, down 206,660 million VND and correspondingly
down 4.28% compared to the end of the period in 2021. In there:
+ Liabilities as of December 31, 2022 are 3,392,612 million VND, accounting for
73.41% and decreasing by 61,809 million VND, corresponding to a decrease of 1.79% compared
to 2021. Of which short-term liabilities are 3,387,393 million VND, down 65,860 million VND,
mainly due to a decrease in debt payable to suppliers; Long-term liabilities are 5,219 million
VND, an increase of 4,051 million VND. The debt/equity ratio as of December 31, 2022 is 2.76
times, an increase compared to 2021 of 2.52 times.
+ Equity as of December 31, 2021 is 1,228,645 million VND, accounting for
26.59% and down 144,851 million VND, equivalent to a decrease of 10.55% compared to 2021.
Owner's equity decreased significantly Weakness in undistributed profit after tax is due to 12%
advance dividend in 2022 while equity and other funds belonging to equity remain unchanged.

Property structure Unit: Million VND

Targets 2020 2021 2022
Cash and cash equivalents 698,533 375,859 549,952
Inventory 1,041,011 1,246,676 1,431,770
Receivable from customers 1,496,779 1,642,,760 1,647,561
Fixed assets 897,627 818,660 744,755
 Long-term financial
31,646 23,143 1,698
investment
Other assets 231,702 221,116 200,012

Debt receivable from customers

Accounting for 35.65% of total assets and a slight increase of 0.29% compared to
2022 and lower than the revenue growth rate of 25.23%. During the year, PLC Corporation
continued to strengthen the risk management of customer receivables. However, with the
characteristics of an enterprise that is both manufacturing and trading, PLC must continue to
maintain receivable management policies and customer credit policies in the direction of creating
favorable conditions for customers to open Expand market share, increase output.
Inventory
Accounts for 30.98% of total assets. Inventory turnover increased compared to 2021
from 5.19 to 5.61. Inventory management policy is maintained.
Short-term debt payable to suppliers
Accounts for 29.89% of total capital. Petrolimex Petrochemical Corporation
maintains a reasonable and strict payment policy with suppliers, consistent with the operating
situation, in 2022 there will be no overdue debts.
About long-term asset management
In 2022, the historical cost of tangible fixed assets increased by 1.1%, from VND
1,678 billion to VND 1,697 billion. Petrolimex Petrochemical Corporation is maintaining a long-
term asset management policy and continuing to make new investments that have been
established to ensure highly effective asset management, suitable for future growth, Do not let
waste and loss of assets occur.

 Income Statement
 PLC's 2022 business results are mixed when revenue grows well but profit after tax
declines. Cumulatively in 2022, PLC's net revenue will reach nearly 8,601 billion VND (+25%
of sales) & PAT will reach 117 billion VND (-33% of sales). The selling prices of PLC's main
products all had good growth in sales such as: lubricants (+11.8% sales), asphalt (+31.9% sales)
& chemicals and solvents (+22.5 % svck). However, the average Brent oil price in 2022 also
increased quite sharply to 101 USD/barrel (+44.3% svck), causing the gross profit margin to
decline to 12.7% from 13.6% in 2021. Profit in 2022 will decrease due to:
 Increasing crude oil prices increase input costs because PLC's input fuel prices fluctuate
in the same direction as oil prices.
 Exchange rate loss in 2022 will increase 20 times faster than SVCK to 134.8 billion
VND.
 Loss from affiliated companies also increased sharply to 21.4 billion VND compared to
the loss of 8.5 billion VND in 2021
  PLC's asphalt segment currently accounts for 28-30% of the market share. This segment
is gradually playing a leading role as it gradually increases its contribution to PLC's revenue and
profit structure. If in 2019, this segment only contributed 36% of revenue structure and 27.1% of
gross profit structure, then in 1H2023 this segment will contribute 51.7% of revenue and 45.3%
of gross profit, respectively. The asphalt segment has a fairly stable gross profit margin,
fluctuating around 10-14%/year.
 PLC's lubricant segment accounts for 7-8% of the market share. This segment is
gradually reducing its role as its contribution to revenue and profits are decreasing due to facing
quite fierce competitive pressure and closely depending on oil price fluctuations. In 2019, this
segment contributed 23.3% of revenue structure & 51.9% of gross profit structure. In the first
half of 2023, this segment will only contribute 21.9% of revenue and 37.3% of gross profit. This
segment's gross profit margin is also increasingly narrowing, reaching 30.4% (2019) and 22.3%
(1H2023).
 PLC's chemicals and solvents segment accounts for 19% of the market share. Similar to
the lubricant segment, the chemical segment also gradually narrows its contribution to annual
revenue and profit. In 2019, this segment contributed 39.6% of revenue and 20.4% of LNG. In
1H2023, this segment contributed 26.3% of revenue and 17.3% of LNG. LNG margin usually
remains low, fluctuating 5-9%/year depending on fluctuations in oil prices

III. Financial Ratio Analyzing

 Liquidity Ratios
Target 2020 2021 2022
Current Ratios 1.04 1.1 1.09
Quick Ratios 0.21 0.11 0.16
 Days Sales Outstanding (DSO) 0.2 0.1 0.16
 Current ratios:
 In 2020 – 2021:
The current ratio in 2021 is 1.1 times, 1.04 times higher than in 2020 and always
maintained at a level greater than 1. Accordingly, all due debts are secured by valuable assets.
good liquidity. This is an important indicator in the context of the complicated COVID-19
pandemic, Petrolimex Petrochemical Corporation depends heavily on short-term loans.
 In 2021 – 2022:
The current ratio in 2022 is 1.09 times, a slight decrease compared to 2021 of 1.10
times and always maintained at a level greater than 1. Accordingly, all due debts are secured by
assets. has good liquidity. This is an important indicator in the context that the COVID-19
pandemic is being overcome and the economy is being put into recovery, Petrolimex
Petrochemical Corporation depends heavily on short-term loans.
 Quick ratios (cash and cash equivalents on current liabilities):
 In 2020 – 2021:
In 2021 it is 0.11 times, down from 0.21 times in 2020. This ratio shows the effective
use of capital, no backlog and the ability to immediately pay due debts when necessary.
 In 2021 – 2022:
In 2022 it is 0.16 times, an increase compared to 2021 which is 0.11 times. This ratio
shows the effective use of capital in 2022, no backlog and enough ability to immediately pay due
debts when necessary.
 Profitability Ratios
Target 2020 2021 2022
Return on total assets (ROA)
Net income 3.23% 3.67% 2.48%
( ¿
Total Assets
Return on common equity (ROE)
Net income 11.13% 13.27% 8.99%
( )
Equity
 In 2020 – 2021:
The total assets in 2021 are 4,827,917 million VND and have increased by 2.67%
compared to 2020 which was 4,702,059 million VND.
The net income in 2021 is 174,474 million VND and has increased by 18.01%
compared to 2020 which was 147,842 million VND.
The equity in 2021 is 1,373,497 million VND and has increased 9.31% compared to
2020 which was 1,256,488 million VND.
 High percentage increases in ROA and ROE mean the profitability from one
dollar of equity of Petrolimex Petrochemical Corporation in 2021 increased compared to 2020,
showing that business performance in 2021 is good, improved compared to 2020.
 In 2021 – 2022:
 The total assets in 2022 are 4,621,257 million VND and have decreased 4.28%
compared to 2020 which was 4,827,917 million VND.
The net income in 2021 is 116,957 million VND and has decreased 32.97% compared
to 2020 which was 174,474 million VND.
The equity in 2021 is 1,228,645 million VND and has decreased 10.55% compared to
2020 which was 1,373,497 million VND.
 Profit after tax in 2022 is equal to 67% of 2021, so profitability indicators in 2022
decrease compared to 2021.

 Debt Management
Liabilities
 Debt to equity ratio =
Equity
 The debt-to-equity ratio (D/E ratio) shows how much debt a business has relative
to its equity. It is found by dividing a business's total debt by its total shareholder equity. The
higher the D/E ratio, the greater the business' debt repayment burden and the higher the
possibility of bankruptcy.
Unit: Million VND
Accounting balance - PLC 2020 2021 2022
Liabilities 3,445,571 3,454,420 3,392,612
Short-term debt 3,403,973 3,453,253 3,387,393
Long-term debt 41,597 1,168 5,219
Equity 1,256,488 1,373,497 1,228,645
Debt to equity ratio 2.74 2.52 2.76
Source: finance.vietstock.vn
 Liabilities as of December 31, 2021 are 3,454,420 million VND, accounting for
71.55% and an increase of 8,849 million VND, equivalent to an increase of 0.26% compared to
2020. In which, short-term liabilities were 3,453,252 million VND, an increase of 49,279 million
VND, mainly due to an increased debt payable to suppliers and debt borrowed from credit
institutions; Long-term liabilities were 1,168 million VND, a decrease of 40,429 million VND.
Debt to equity ratio as of December 31, 2021 is 2.52 times, down 2.74 times compared to 2020.
 Equity as of December 31, 2021 is 1,373,497 million VND, accounting for
28.45% and an increase of 117,009 million VND, equivalent to an increase of 9.31% compared
to 2020. According to the annual report of Petrolimex Petrochemical Corporation, equity
increased mainly weakness in undistributed profit after tax and increased investment and
development funds while equity and other equity funds remained unchanged.
 Liabilities as of December 31, 2022 are 3,392,612 million VND, accounting for
73.41% and down 61,809 million VND, corresponding to a decrease of 1.79% compared to
2021. Of which short-term liabilities are 3,387,393 million VND, down 65,860 million VND,
mainly due to a decrease in debt payable to suppliers; Long-term liabilities are 5,219 million
VND, an increase of 4,051 million VND. Debt to equity ratio as of December 31, 2022 is 2.76
times, an increase compared to 2021 of 2.52 times.
  Equity as of December 31, 2021 is 1,228,645 million VND, accounting for
26.59% and down 144,851 million VND, equivalent to a decrease of 10.55% compared to 2021.
According to the annual report of Petrolimex Petrochemical Corporation, equity decreased
mainly in the undistributed profit after tax section, it is due to an advance dividend of 12% in
2022 while equity and other funds belonging to equity remain unchanged.

EBIT Profit before tax+ Interest expenses

 Times interest earned ratio = Interest expenses = Interest expenses

 Times interest earned ratio (TIE) is a solvency ratio indicating the ability to pay
all interest on business debt obligations. TIE is calculated as EBIT (earnings before interest and
taxes) divided by total interest expense. The higher the times interest earned ratio, the more
likely the business can pay interest on its debts. Times interest earned is also called interest
coverage ratio (ICR).
Unit: Million VND
Indirect Cash Flows - PLC 2020 2021 2022
Profit before tax 189,948 220,718 184,289
Interest expenses 106,169 70,701 84,839
Interest coverage ratio 2.79 4.12 3.17
Source: finance.vietstock.vn
 In the period 2020-2022, the ICR of Petrolimex Petrochemical Corporation
increased in 2021 and decreased in 2022.
 ICR increased in 2021 because the business had a strong increase in profit before
tax. Specifically, profit before tax of Petrolimex Petrochemical Corporation increased from
189,948 VND (2020) to 220,718 VND (2021). This is due to the increase in crude oil prices in
2021.
 The decrease in ICR in 2022 is due to businesses having increased interest costs.
Specifically, interest expenses of Petrolimex Petrochemical Corporation increased from 70,701
VND (2021) to 84,839 VND (2022). This is due to the increase in capital mobilization interest
rates in the market in 2022. Besides, profit before tax of Petrolimex Petrochemical Corporation
in 2022 decreased slightly from 220,718 VND (2021) to 184,289 million VND (2022). The
reason is the decrease in crude oil prices in the second half of 2022.
 Market value ratios
Net income
 Earning per share =
Number of shares outstanding
 Earnings per share (EPS) is a company's net profit divided by the number of
common shares it has outstanding. EPS indicates how much money a company makes for each
share of its stock and is a widely used metric for estimating corporate value.
Target 2020 2021 2022
Net income VND 147.841.760 174.474.420 116.957.450
Number of shares VND 80.798.839 80.798.839 80.798.839
 outstanding
EPS VND 1,83 2,159 1,448
 EPS increased in 2021 due to the business having a strong net income.
Specifically, the net income of Petrolimex Petrochemical Corporation increased from
147,841,760 VND (2020) to 174,474,420 VND (2021). The reason is the increase in crude oil
prices in 2021. This shows that the business is operating quite well.
 In 2022, the business will not issue additional shares and the business's net
income will decrease sharply from 174,474,420 VND (2021) to 116,957,450 VND (2022),
causing EPS to decrease.

 According to the data table above, compared to two businesses in the same
industry, Petrolimex Petrochemical Corporation has an average EPS in 2022 of 1,448 VND
lower than Binh Son Refining and Petrochemical Company Limited (4,750 VND) but higher
than Additives And Petroleum Products Joint Stock Company (92 VND)
Market price
 Price earning ratio = EPS
 The price-earning ratio (P/E) is an important financial indicator used to evaluate
how expensive or cheap a stock is. This index is calculated by dividing the market value price
per share by the company's earnings per share. The higher this index, the more attractive the
stock.
Financial index - PLC 2020 2021 2022
Earnings per share
VND 1,830 2,159 1,448
(EPS)
Market price to earnings
Time 15.85 19.17 15.54
ratio (P/E)
 The data table shows the P/E index of Petrolimex Petrochemical Corporation in
the period 2020 - 2022. Accordingly, the P/E index increased from 15.85 times in 2020 to 19.17
times in 2021, but decreased. 15.54 times by 2022.
 In the case of this data table, the P/E index of the PLC - VND index increased
from 15.85 times in 2020 to 19.17 times in 2021, which shows that investors are willing to pay a
high price. more than one dollar of profit for this stock in 2021. This growth may be due to
investors' expectations about Petrolimex Petrochemical Corporation's profit growth because of
the sharp increase in gasoline prices in 2021.
  However, the P/E index drops to 15.54 times in 2022, which shows that investors
are willing to pay a lower price for a profit of this stock in 2022. This decrease may due to the
Russia-Ukraine conflict causing a decline in global stock markets.

 According to the data table above, compared to other businesses in the same
industry, Petrolimex Petrochemical Corporation ranked second with a P/E of 15.54 times, higher
than Binh Son Refining and Petrochemical Company Limited with a P/E of 2.80 times but lower
than Additives And Petroleum. Products Joint Stock Company is 45.72 times.
 Efficiency ratios
 PLC is currently the only asphalt enterprise listed on the stock exchange. PLC has a
market share of 30% and is the unit with the largest market share in the industry. Asphalt
business activities in 2022 contribute 48.2% of PLC's total revenue, the remaining two operating
segments are Lubricants accounting for 18.8% and chemicals accounting for 32.4%.
 In the fourth quarter of 2022, Petrolimex Petrochemical recorded revenue of 2,606.9
billion VND, up 30.5% over the same period and profit after tax recorded 22.75 billion VND,
down 17.1% over the same period. Of which, gross profit margin decreased from 13.1% to
12.4%.
 During the period, gross profit increased by 23.4% over the same period, equivalent to an
increase of 61.45 billion VND to 324.02 billion VND; Financial revenue decreased slightly by
0.6% over the same period, corresponding to a decrease of 0.13 billion VND to 22.29 billion
VND; Financial expenses increased by 262.6%, equivalent to an increase of 61.35 billion VND
to 84.71 billion VND; Sales and corporate management expenses decreased by 5.8%,
corresponding to a decrease of VND 13.44 billion to VND 218.96 billion and other activities did
not fluctuate significantly. Financial expenses increased suddenly in the fourth quarter. Mainly
related to exchange rate losses when recording a loss of 53.14 billion VND compared to the
same period, a loss of 3 billion VND, an increase of 16.71 times over the same period,
corresponding to an increase of 50.14 billion VND.
 Cumulatively in 2022, Petrolimex Petrochemical recorded revenue of 8,600.98 billion
VND, up 25.2% over the same period and profit after tax recorded 133.23 billion VND, down
23.6% over the same period.
 In 2022, Petrolimex Petrochemical plans revenue of 7,514.6 billion VND, profit after tax
of 152.26 billion VND. Thus, at the end of the 2022 fiscal year with a profit of 133.23 billion
VND, the Company did not complete the plan that the General Meeting of Shareholders assigned
to the Board of Management, the completion rate was 87.5% of the plan. annual profit.
 The consolidated financial report for the first quarter of 2023 of Petrolimex
Petrochemical Corporation - JSC (stock code PLC) said that net revenue reached more than
1,968 billion VND, a slight decrease of 6% over the same period. Meanwhile, cost of goods sold
decreased by 7%, leading to gross profit from sales and service provision reaching 249 billion
VND, an increase of 3% over the same period; Gross profit margin recorded 13%.
 During the period, financial revenue reached more than 17 billion VND, an increase of
18% over the same period. Similarly, financial costs also increased sharply by 54% to VND 34
billion, mainly interest costs.
 Deducting other expenses, Petrolimex Petrochemical still has an after-tax profit of more
than 33 billion VND, down 18% compared to the first quarter of 2022.
 As the enterprise with the No. 1 asphalt market share in Vietnam, revenue from this
segment of activities always accounts for a high proportion, fluctuating 40-48% in the period
2020-2022. In the first quarter of 2023, revenue from the Asphalt segment accounted for
approximately 53% of total revenue, contributing up to 1,040 billion VND, an increase of nearly
10% compared to the previous year. Followed by the Chemical segment also contributed 26% of
total revenue and more than 20.8% of revenue came from the Lubricants segment.
 In 2023, Petrolimex Petrochemical plans 2023 net revenue to reach 8,904 billion VND
and after-tax profit of 160 billion VND, up nearly 4% and 37% respectively compared to the
same period. After the first quarter of the year, the business has completed 22% of its revenue
target and nearly 21% of its profit target.
 Regarding capital, liabilities recorded up to 3,130 billion VND, 99.8% are short-term
debt. In particular, PLC's short-term financial lease loans and debt are worth up to 1,872 billion
VND, accounting for 60% of total debt. The company does not borrow long-term debt.
Undistributed after-tax profit as of the end of the first quarter reached over 55 billion VND.
 On the stock exchange, the expectation that business activities will improve thanks to the
benefits of a "wave" of public investment has helped PLC shares have a positive price increase
of more than 140% since the bottom in mid-November 2022. However, this stock has shown
signs of slowing down recently. Closing the session on April 27, PLC's market price stopped at
31,400 VND/share.
PART 2

I. Explain the valuation methods (P/E & DDM)

 Use P/E and P/B data combined with DDM (Dividend Discount Model) to ensure
objectivity and conduct business valuation. The average P/E and P/B levels are 12.75 and 1.49,
respectively. With the proportion divided equally among the methods, the writer calculates the
reasonable valuation of PLC at 30,895 VND. Thus, the stock price is no longer attractive to
investors.
  PLC is currently the only asphalt enterprise listed on the stock exchange, PLC has a
market share of 30% and is the unit with the largest market share branch. Asphalt business
activities in 2022 contribute 48.2% of PLC's total revenue, the remaining 2 operating segments
are Lubricants accounting for 18.8% and chemicals account for 32.4%. Among the above three
segments, Asphalt and Lubricants are the two segments with the best gross profit, making the
main contribution to PLC's profit in the past year past years.

II. Do the Valuation

 Asphalt business is an important factor in helping PLC's profits flourish. Based on past
business results, we see activity in the Chemicals and Lubricants business has maintained a fairly
stable gross profit for many years, while the Asphalt business has had large fluctuations. At the
peak of the years 2014 - 2015, the asphalt business brought PLC 456 billion VND and 679
billion VND in gross profit, many times higher than previous years.
 Low year from 2016 to 2019 with only 186 - 253 billion VND gross profit. Thus, the
business results of the Asphalt segment are decisive for fluctuations in company profits.

 Ready for opportunities from public investment. The period 2023 - 2025 is forecast to be
a period of high growth for asphalt products due to transportation projects.
 Large, key areas have reached the stage of using plastic as well as new transportation
projects being invested, speeding up construction progress and capital disbursement.
 Given the above opportunity, PLC owns 7 factories producing synchronous asphalt
products widely distributed across the country with distances between factories about 300 km.
Owning the above factory system has helped PLC take advantage of opportunities from public
investment projects when 2022 has revenue from the asphalt segment of the company has
exceeded 4,000 billion VND, the highest ever. We expect the company's production capacity of
400,000 tons of sugar/year to be exploited Maximize operations and bring in revenue of over
VND 6,000 billion per year for this activity.
 Oil price fluctuations have a negative impact on PLC's business results. Falling oil prices
will help reduce asphalt production costs, helping PLC increase its profit margin. The
company's leadership also noted that oil prices above 100 USD/barrel may reduce asphalt supply,
which is also the main reason that directly affects the company's gross profit margin in 2022.
 Revenue and profit are forecast to increase sharply from Q2/2023. In the second and
third quarters of 2023, many expressways will be completed and operating on several days April
30 - May 1, July 1. September 2... therefore we forecast that PLC's revenue and profit will
accelerate from Q2/2023. For the full year 2023, we forecast sales PLC revenue will reach
10,451 billion VND and 495 billion VND in net profit, completing 117% of the revenue plan and
3 times higher than the planned net profit.
 Pricing: The forecast EPS for 2023 is 6,121 VND/share, we use PLC's 5-year average
P/E of 8 times. To determine the target price is 48,900 VND/share.

III.Conclusion
 PLC is in a sideways accumulation trend with the next bottom getting higher up, support
for the stock is at the 20-day MA (37,200) and resistance is an old peak (39,200).
 The mid-term and long-term trend of the stock is positive.
 Recommended to accumulate around 37,500 - 38,500 VND/share and consider cut losses
if the closing price is below 37,000 VND/share

IV. References