DCM – Update – Benefiting from Expanded Output, Favorable Prices
Posted: Oct 7, 2025
- Following a strong 1H25 recovery, urea prices are expected to maintain an upward trend, driven by rising import demand from India and Brazil. We forecast the average Asia urea price for 2025-2026 at ~USD 450/ton and USD 430/ton (+26.0% YoY / -4.0% YoY).
- We forecast DCM’s Net Profit for 2025-2026 to reach VND 2,194 bn and VND 2,618 bn, respectively (+66.3% YoY / +19.3% YoY), thanks to growth in both selling prices and output volume.
- Recommend ADD rating with a target price of VND 46,200 per share.
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