DPG Flash note – BUY

DAT PHUONG GROUP JSC (DPG VN)

Dat Phuong Group JSC (HOSE: DPG) held its 2026 AGM with the following highlights:

– 2026 Business plan: DPG targets revenue of VND8.5 tn (+90% YoY) and NPAT of VND560 bn (+26% YoY). Growth is expected to be driven by its core segments—construction, energy, real estate, and ultra-clear glass, with real estate and construction as key drivers.

+ Real estate: Focus on sales at Casamia Balanca Hoi An and new project launches including Dien Loc Industrial Park (2Q2026) and Con Tien social housing (3Q2026).

+ Ultra-clear glass: The plant (capacity ~5.17 mn m²) is scheduled to commence operations in Oct 2026, ahead of plan. Initial output is partly secured via MoUs with U.S. partners. The segment may incur start-up losses, but is expected to turn profitable from 2027.

+ Construction: Expansion into transport infrastructure via participation in the North–South high-speed railway, with a preliminary agreement covering ~20 km (Gia Binh–Quang Ninh section). The company is also strengthening high-quality workforce capacity to participate in this project. Amid rising input costs, DPG has implemented cost optimization and mitigation strategies to maintain margins.

2025 Dividend policy: cash dividend of 6%.

Quick comment: We expect DPG to sustain robust growth in 2026, supported by both construction (backlog-driven) and real estate (project handover at Casamia Balanca). We maintain our 2026 forecast with revenue of VND6.1 tn (+36% YoY) and NPATMI of VND515 bn (+58% YoY). We reiterate our BUY recommendation, with a target price of VND55,400 per share by end-2026.