Petrolimex shares attractive to foreign investors

Statistics from the HoSE showed that foreign investors splashed out VND178 billion (US$7.8 million) on purchasing nearly 2.94 million PLX shares during May 22-26.

Petrolimex’s foreign ownership capped at 9.31% by May 28. Last year, the Japanese JX Nippon Oil &Energy (JXEV) bought 103.5 million stocks, or 8 percent of the group’s shares, at VND39,000 per share.

The group’s market capitalisation value tops VND78.4 trillion (US$3.4 billion), helping the enterprises surpass Vietinbank, BIDV and ROS to enter the club of five largest companies on the HoSE with high capitalisation value.

Last week, Petrolimex announced that it had sold 20 million registered shares at five times higher than the share’s par value. The move is an opportunity for the company to step into VN30, top 30 largest firms in terms of capitalisation and equity.

With a large distribution system of 2,400 stores and franchised agents accounting for 50 percent of Vietnam’s petrol market share coupled with robust business results in the first quarter of this year, PLX will continue to be an attractive code to foreign investors.

Equitised in 2011, Petrolimex has seen turnover growth in its business of petrol, transport, gas and oil. In 2016, the largest fuel importer and distributor of Vietnam achieved a revenue of VND123.1 trillion (US$5.42 billion). 

Its post-tax profit in the year was VND5.1 trillion (US$224.5 million), 50 percent higher than 2015. Profit on each share reached VND4,254, just after Vinamilk and Sabeco.