We forecast net revenue to grow by 14.5% and 8.4% in 2024F-2025F, reaching VND21,553 bn and VND23,365 bn, respectively. We project DGW’s 2024F-2025F NPAT to reach VND450 bn (+24.0% YoY) and VND567 bn (+26.1% YoY), respectively.

We recommend OUTPERFORM for DGW, with an expected price of VND55,470/share at the end of 2025, based on the DCF valuation method.

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Please find the attached file below.