We value VIP using a 50-50 weighting of the DCF method and the P/B multiple comparison approach. We issue an OUTPERFORM rating for VIP with a target price of VND20,300/share – an upside of 38.1%.

Risks: Weak domestic demand for petroleum products leading to lower freight rates; Dependence on Vietnam National Petroleum Group (Petrolimex) making it difficult for the company to adjust freight rates.

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Please find the attached file below.