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In Q2 2026, DPM recorded revenue of VND 6,985 billion (+31.8% YoY) and a profit after tax (PAT) of VND 915 billion (a 2.2-fold increase YoY). For the first six months of 2026, revenue reached VND 12,608 billion (+33.8% YoY, meeting 71% of the annual plan and 72% of our forecast), while PAT hit VND 1,326 billion (a 2.1-fold increase YoY, doubling the annual plan and reaching 104% of our forecast).
We raise our 2026 revenue and profit forecasts—projecting growth of 19% and 75% respectively compared to 2025 (up from previous forecasts of 7% and 16%)—to reflect the positive Q2 2026 results. Despite these upward revisions, earnings growth is expected to slow down in the second half of the year compared to the first, as urea fertilizer prices adjusted downward to USD 400/tonne in July (down from a peak of USD 850/tonne).
Using the DCF valuation method, we set a target price of VND 30,900 per share, representing a 39% upside potential (post-dividend). Recommendation: Buy.
