Published Date: 07/06/2024
- DCM’s net profit reached VND 346 billion (+51.3% yoy) in 1Q24, as urea export volume increased and the Ca Mau Urea Plant completed its depreciation.
- We expect DCM net profit to grow 55.6%/21.5% yoy in 2024-25, mainly driven by (1) the Ca Mau Urea Plant’s completion of depreciation and (2) the anticipated implementation of the new VAT law in 2025 which may reduce DCM’s costs through the refund of input VAT.
- We recommend ADD for DCM with a target price of 44,000 VND/share (potential upside of 14.0%, dividend yield of 5.2%).
