PLX [OUTPERFORM +10.5%] - Short-term headwinds from NSR; recovery outlook intact - Update
  • 21 Feb 2022
  • Company Research
We trim our target price by ~4% as we cut 2022F NPAT-MI by ~8% and aggregate 2023-2026F NPAT-MI by 2%. We assume Nghi Son refinery (NSR) reducing its utilization rate from 100% to 60%-80% in January - February 2022 will negatively affect PLX’s input sourc