We forecast DGC's net revenue and PAT in 2024 to reach VND 11,820 billion (+16% YoY) and VND 3,715 billion (+10% YoY) respectively thanks to (1) Expectation of P4 revenue to increase by 30% in 2024 in the context of a recovering semiconductor market; (2) P4 gross profit margin improved by nearly 2 percentage points due to DGC's efforts to improve autonomy and increase selling prices of key products; and (3) The company has effective control of operating costs. At the current price, DGC's estimated 2024 P/E is ~10.3x, higher than the 5-year average industry P/E of 9.6x​. BVSC recommends NEUTRAL for DGC stocks, with target price of VND 94,600/share – upside potential of -0.3%.