Following better-than-anticipated Q2 results, BVSC revised its DPM earnings projections, increasing its net revenue forecast to VND17,930 bn (from VND14,350 bn) and net profit to VND1,390 bn (from VND893 bn). We have also revised DPM’s average gas transport tariff for 2025–2030 downward from USD4.8/mmbtu to USD4.6/mmbtu, leading to a 5.4% increase in average net profit. We are therefore raising our price target for DPM from VND21,300/share to VND29,500/share (implying a 7% potential upside) and maintaining a NEUTRAL recommendation.