Binh Son Refining and Petrochemical Company Limited (BSR) is one of the only two refineries in Vietnam, serves around one-third of the domestic market. We value BSR for the first time at 19,300 VND, equivalent to a 22.1% return. In 2023, BSR's growth engine comes from the stability of diesel crack and the moving share to HOSE. In the long-term, we believe the expansion in petrochemicals and Dung Quat’s Refinery Expansion and Upgrading project to be key growth drivers.
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