BSR – Earnings Review – [HOLD] – 3Q26: High crack spreads, high profit

BSR recorded 3Q26 revenue of VND59.6tn (+69% yoy, +1% qoq, ~104% of KIS forecast), mainly driven by a sharp increase in refined petroleum product prices. 3Q26 NPAT accordingly reached VND9tn (+887% yoy, +17% qoq), compared with KIS's forecast of +587% yoy.