We project DGC’s 2025 net revenue and NPAT-MI at VND11,532 bn (+16.9% YoY) and VND3,468 bn (+16.1% YoY), respectively, mainly driven by the P4 and phosphate fertilizer segments, with an expected increase in raw material self-sufficiency by year-end. For 2026, revenue and PAT are forecast to grow by 22% and 17.4% YoY, thanks to sustained growth in core businesses and new contributions from the Nghi Son project. We value DGC’s stock with a target price of VND118,300/share (an upside of +22%), equivalent to a 2025-2026 P/E ratio of approximately 12x – which is on par with its 5-year average P/E. BVSC maintains the OUTPERFORM rating for DGC for the year ahead.

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Please find the attached file below.