| Title | X-Stock | BSR 33,800 +22%: Q1 2026 Earnings Update - Elevated Crack Spreads Sustain Strong Performance |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Bussiness | BSR |
| Detail |
Date : 03/06/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 613 Kb Download: 0 Download |
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| Short Content |
EARNINGS UPDATE Q1/2026 results: Net revenue reached VND 45,920 billion (+44% YoY, +22% QoQ), while NPAT-MI reached VND 8,265 billion (+1,973% YoY, +172% QoQ), supported by: (i) crack spreads remaining at high levels due to geopolitical factors; (ii) margin support from low-cost inventory; and (iii) operating efficiency exceeding designed capacity, with sales volume reaching 2.03 million tonnes (+17% YoY, +1% QoQ).
- Net deposit interest income reached VND 1,070 billion (+416% YoY, +225% QoQ), continuing to serve as the main supporting income source. - Net FX gains reached VND 364 billion (+135% YoY, +1,151% QoQ). FX loss expenses were recorded at VND 205 billion (+456% YoY, +1,033% QoQ). BSC’S ASSESSMENT AND 2026 OUTLOOK Q1/2026 earnings exceeded BSC’s forecast, mainly driven by the sharp increase in crack spreads of key products and the low-cost inventory effect from favorable crude oil price movements. Gross profit expanded significantly thanks to: (i) Diesel oil (DO) gross margin increasing to 29.0%, a significant improvement from 15.0% in Q4/2025 and 7.0% in the same period last year. (ii) Jet A1 gross margin reaching 27.5%, significantly higher than 23.0% in Q4/2025 and 14.0% in the same period last year. Key information to watch: (i) 2026 outlook on page 2 and 2026 forecasts on page 3; and (ii) crack spread movement update on page 4. |