We attended PLX’s AGM on April 26, 2019. Most investor questions were related to the State’s divestment plan, Q4 2018 & Q1 2019 results and the capex plan. PLX targets revenue growth of 2.0 YoY % and pre-tax profit growth of 4.0% YoY on a 5% lower in total sales volume, mainly due to the lower sales volume of Petrolimex Singapore (a subsidiary in which PLX holds 100% stake) as petroleum from the new Nghi Son refinery replaces imports from Petrolimex Singapore.