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Vietnam Oil and Gas Group (PLX, PLX-HOSE) has announced that it does not meet the conditions to be classified as a public company. Based on the shareholder rights list for the 2026 ordinary general meeting of shareholders as of the final registration date of 25/03/2026, PLX has 43,266 shareholders, of which 43,264 are voting-shareholders that are not large shareholders, representing a holding ratio of 9.419%.
PLX said it does not satisfy the public-company condition under point a, clause 1, Article 32 of the Securities Law No. 54/2019/QH14 (as amended by point a, clause 11, Article 1 of Law No. 56/2024/QH15). Specifically, the company cannot ensure that at least 10% of voting shares are held by at least 100 investors who are not large shareholders.
Under clause 2, Article 38 of the Securities Law (as amended), within 01 year from the date it ceases to meet the condition in point a, clause 1, Article 32, if the company still does not meet the public-company requirement, it must submit a dossier to cancel its public-company status to the State Securities Commission for consideration.
PLX stated that it has one year to remedy the public-company condition in accordance with the law. In the coming period, the group will continue to report to regulators on obstacles related to the equitized enterprise’s public-company criteria and will proactively develop plans to meet the required conditions.
PLX disclosed its 2025 Q4 results: revenue reached VND 81.9 trillion, up 15% year-on-year (YoY). Net profit after tax attributable to minority shareholders was VND 586 billion, up 8% YoY. Core net profit after tax attributable to minority shareholders rose 41% YoY to VND 584 billion.
VCSC said profit growth was mainly supported by:
These gains offset a 0.6 percentage point decline in gross margin, driven by Brent oil prices down 15% YoY (with gasoline prices down 3% YoY and diesel up 1% YoY, helping mitigate inventory pressure). VCSC also noted a 1% YoY rise in selling expenses and a 3% YoY rise in financial costs.
For the full year 2025, PLX recorded revenue of VND 309.9 trillion, up 9% YoY, while net profit after tax attributable to minority shareholders fell 7% YoY to VND 2,700 billion. Core net profit after tax attributable to minority shareholders decreased 4% YoY to VND 2,600 billion, attributed to Brent price declines, selling costs up 7% YoY, and financing costs up 40% YoY. VCSC said these factors offset positive contributions from an 8.2% YoY increase in sales volume and an 11% YoY rise in financial income.
VCSC reported that net profit after tax attributable to minority shareholders and core net profit after tax attributable to minority shareholders finished at 107% and 96% of its annual forecasts, respectively.
For 2026, PLX plans to increase sales volume by 10% YoY to support domestic supply, while profitability is described as cautious with modest downside risk to forecasts.
VCSC noted that in the 2023–2025 period, actual pre-tax profit averaged 24% higher than plans.
VCSC said the 2026 plan is relatively conservative because PLX prioritizes supply security over maximizing profit, which it believes creates slight downside risk to its 2026 profit forecast.
For 2026–2030, PLX targets 7% annual growth in sales volume, higher than VCSC’s forecast of 4.3% per year, assuming GDP growth of at least 10% over the period. In 2026–2027, PLX aims for 8.5%–10% growth, supported by stronger economic growth prospects tied to government investment and infrastructure development (including new expressways) and rising demand. In 2028–2030, PLX targets 6%–7% growth, taking into account the impact of electric vehicles and green fuels.
VCSC also highlighted the following long-term targets:
Regarding dividends, PLX expects:
VCSC noted that historically (2023–2025 average), actual dividends have typically exceeded plans by about 30%, creating downside risk to its dividend forecast.
VCSC said there is a modest risk of downward revision to its 2026 profit forecast, as margin compression from prioritizing supply security could offset higher-than-expected volume. However, it also pointed to potential upside in 2027–2030 given PLX’s higher planned volume growth of 7% per year versus VCSC’s 4.3% projection.
VCSC maintained a “Buy” rating for PLX with a target price of VND 41,100 per share.
PLX also stated it will pay about VND 1,500 billion in dividends for 2024.
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