DPM_2026 Flash note 240426

DPM held 2026 AGM with the following agendas:

Q1/2026 Business Results: Revenue reached VND 5,706 billion (+37% YoY), Profit Before Tax (PBT) reached VND 515 billion (+104% YoY).

2026 Business Plan: Revenue is targeted at VND 17,600 billion (+6.7% YoY), and Profit After Tax (PAT) at VND 680 billion (-38% YoY). The company aims to produce 902.7 thousand tons of Phu My Urea, 180 thousand tons of Phu My NPK, and 10 thousand tons of UFC 85/Formaldehyde.

Quick Assessment: Although crude oil prices are forecast to remain volatile in 2026, we assess that DPM will achieve stable growth because (1) its production is less dependent on imported raw materials, and (2) urea prices are expected to maintain a high level of USD 600-650/ton in 2026.

We maintain our 2026 business forecast with estimated revenue of VND 17,662 billion (+7% YoY) and estimated PAT of VND 1,272 billion (+16% YoY). We maintain the target price of VND 33,900/share, upgrading the recommendation from Outperform to Buy as the stock price has dropped by 12% since our report on March 18, 2026.