BVSC revises upward its 2026 forecasts for DCM, raising revenue estimates from VND16,055 bn to VND23.0 tn (+35.5% YoY) and NPAT-MI forecasts from VND1,794 bn to VND3,030 bn (+58.2% YoY), driven by elevated fertilizer prices amid ongoing Middle East tensions. Following the upward earnings revision, we raise our target price from VND37,000/share to VND50,300/share. With an implied upside of 19.6%, we maintain our OUTPERFORM rating on DCM. The stock is currently trading at a 2026F P/E of 7.35x, well below its 5-year average of 11.0x, despite improving earnings prospects.

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