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In 2025, DCM achieved revenue of VND 16,961 billion (+26% yoy, 121% annual target), and net profit of VND 1,917 billion (+34% yoy, 248% annual target). Net profit increased mainly due to rising fertilizer prices, while production volume increased slightly.
In 2025, the Urea business segment recorded strong revenue growth, reaching VND 8,648 billion (+12% yoy), and gross profit reached VND 3,450 billion (+56% yoy). The gross profit margin for this segment grew strongly to 39.9% (compared to 28.6% in the same period) due to increased selling prices, and decreased input gas prices.
The NPK fertilizer business segment recorded strong revenue growth in 2025 thanks to increased production volume. Revenue reached VND 3,878 billion (+35.7% yoy), and gross profit reached VND 597 billion (+48.5% yoy). The gross profit margin for this segment increased slightly to 15.4%.
For 2026, we estimate revenue of VND 16,732 billion (-1% yoy) and net profit of VND 2,080 billion (+8.5% yoy). Expected growth comes from improved profit margins thanks to the 5% VAT refund for the whole of 2026 (VAT law applied from July 2025), and low input gas prices. Using the discounted cash flow (DCF) method, we value DCM with a target price of VND 43,150/share by the end of 2026. This represents a potential upside of 14% from the current price. Rating: OUTPERFORM.
