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Corporate Clients
Q1 2026 Business Results: Revenue reached VND 5,286 billion (+55% yoy), Net Profit reached VND 788 billion (+91% yoy). The high business results were mainly due to (1) a 45% increase in sales volume – mainly from exports, and (2) high fertilizer selling prices – urea prices increased to VND 19,000/kg compared to the average of VND 12,000/kg in 2025. IN Q1.2206, the urea plant increased its capacity to 120%.
2026 Plan: Shareholders approved 2026 plan with total revenue of VND 17,615 billion (+5.9% yoy), and net profit of VND 1,182 billion (-39.7% yoy). Regarding production volume, Urea is projected to reach 926,000 tons and NPK 350,000 tons. In the near future, DCM assesses the possibility of increasing the urea plant’s capacity to 125% – the upgrade is expected to take place in mid-to-late 2027. DCM aims for revenue exceeding VND 30,000 billion by 2030.
2026 Performance Forecast: Q2 2026 performance is expected to continue growth as in Q1 2026 due to (1) the company securing 3 shipments at favorable prices, and (2) the urea plant expected to operate at 120% capacity as in Q1 2026. 2026 estimated revenue is VND 18,078 billion (+6% yoy) and estimated net profit is VND 2,213 billion (+15% yoy). We maintain our target price at VND 52,300/share, upgrading our recommendation from Outperform to Buy due to a 5% drop in share price since the March 18, 2026 report.
