DCM_Flash note 05.08.2026

For the first six months of 2026, accumulated revenue reached VND 11,998 billion (+27% YoY, meeting 68% of the annual plan and 66% of our forecast), while net profit reached VND 1,856 billion (+54.8% YoY, 1.5 times the annual plan and 80% of our forecast). The gross profit margin rose to nearly 28% (up from 22.5% in the same period last year). Growth in the first half of the year was primarily driven by a sharp rise in fertilizer prices amidst geopolitical tensions in the Middle East; urea prices briefly touched the USD 850/tonne in April 2026.

We maintain our 2026 revenue and profit growth forecasts at 6% and 15% year-on-year, respectively. As business performance growth is expected to slow down in the second half of the year compared to the first, we have adjusted our target price for the end of 2026 (post-dividend) to VND 42,600 per share (representing a 37% upside potential). Recommendation: Buy.