External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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<ul><li style="text-align: justify;">We raise our target price (TP) for DPG by 10% to VND55,200/share and upgrade our rating from OUTPERFORM to BUY.</li><li style="text-align: justify;">Our higher TP is due to a 6% increase in our aggregate NPAT forecast, with respective changes of +13%/+8%/+3%/+8%/+4% for 2025/26/27/28/29F.</li><li style="text-align: justify;">This is mainly due to a 1) 15% higher aggregate profit from the energy segment as we expect 8% higher aggregate hydropower sales volume and 2) 8% higher profit from the construction segment following higher-than-expected newly-signed contract value in 8M 2025, which outweigh (3) slightly lower real estate earnings due to higher financial expenses.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We raise our target price (TP) for DPG by 10% to VND55,200/share and upgrade our rating from OUTPERFORM to BUY.Our higher TP is due to a 6% increase in our aggregate NPAT forecast, with respective changes of +13%/+8%/+3%/+8%/+4% for 2025/26/27/28/29F.This is mainly due to a 1) 15% higher aggregate profit from the energy segment as we expect 8% higher aggregate hydropower sales volume and 2) 8% higher profit from the construction segment following higher-than-expected newly-signed contract value in 8M 2025, which outweigh (3) slightly lower real estate earnings due to higher financial expenses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DPG [BUY +27.6%] - Energy, Construction Segments to Boost Valuation Further - Update

<ul><li>We raise our target price (TP) for DPG by 21% to VND50,000 (TSR of 17.8%) and downgrade our rating from BUY to OUTPERFORM.</li><li>Our higher TP is due to a 17% increase in our aggregate NPAT forecast, with respective changes of +9%/+29%/+29%/-25%/+11% for 2025/26/27/28/29F.</li><li>This is mainly due to a 1) 33% higher profit projection for Casamia Balanca and 2) estimated VND57bn profit from Casamia Quang Binh (see page 4), which outweigh (3) lower profit from the construction segment when DPG reduces and deconsolidates two subsidiaries (Dat Phuong 1&amp;2, see page 10).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We raise our target price (TP) for DPG by 21% to VND50,000 (TSR of 17.8%) and downgrade our rating from BUY to OUTPERFORM.Our higher TP is due to a 17% increase in our aggregate NPAT forecast, with respective changes of +9%/+29%/+29%/-25%/+11% for 2025/26/27/28/29F.This is mainly due to a 1) 33% higher profit projection for Casamia Balanca and 2) estimated VND57bn profit from Casamia Quang Binh (see page 4), which outweigh (3) lower profit from the construction segment when DPG reduces and deconsolidates two subsidiaries (Dat Phuong 1&amp;2, see page 10).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DPG [OUTPERFORM +17.8%] - Clearer Progress of Real Estate Projects to Boost Valuation

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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<ul><li>Dat Phuong Group JSC (DPG) reported 3Q24 revenue of VND744bn (-14.2% YoY) and NPAT of the parent of VND20bn (-35.5% YoY).</li><li>This brought 9M24 revenue to VND2,130bn (+5.1% YoY) and NPAToTP to VND126bn (+5.9% YoY), achieving 47% and 50% of fiscal year targets, respectively.</li><li>Construction and Hydropower remained the largest contributors of income, with the former accounting for 84% of revenue and the latter accounting for 59% of gross profit. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Dat Phuong Group JSC (DPG) reported 3Q24 revenue of VND744bn (-14.2% YoY) and NPAT of the parent of VND20bn (-35.5% YoY).This brought 9M24 revenue to VND2,130bn (+5.1% YoY) and NPAToTP to VND126bn (+5.9% YoY), achieving 47% and 50% of fiscal year targets, respectively.Construction and Hydropower remained the largest contributors of income, with the former accounting for 84% of revenue and the latter accounting for 59% of gross profit. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dat Phuong Group Joint Stock Company - Update - 9M24 Earnings Update

<ul><li>Construction: We revise our forecast for the construction sector’s growth downward, from 25% to 9%, due to a lower-than-expected reported workload.</li><li>Hydropower: We retain our previous forecast.</li><li>Real estate: We retain our previous forecast, as no revenue from the sector has been reported this year.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Construction: We revise our forecast for the construction sector’s growth downward, from 25% to 9%, due to a lower-than-expected reported workload.Hydropower: We retain our previous forecast.Real estate: We retain our previous forecast, as no revenue from the sector has been reported this year.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dat Phuong Group Joint Stock Company - Subdued Growth

<ul><li>Construction: After a surge of 40% in FY23, we forecast that the sector’s growth will slowly subside to a modest number in FY24, between 20% and 25%, and gross margin will remain stable, between 7% and 7.2%.</li><li>Hydropower: We forecast that the sector will remain intact or marginally decline by 5%. </li><li>Real estate: The revenue has not yet been incorporated into our forecast, as the hospitality segment is far from a recovery, in our view. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Construction: After a surge of 40% in FY23, we forecast that the sector’s growth will slowly subside to a modest number in FY24, between 20% and 25%, and gross margin will remain stable, between 7% and 7.2%.Hydropower: We forecast that the sector will remain intact or marginally decline by 5%. Real estate: The revenue has not yet been incorporated into our forecast, as the hospitality segment is far from a recovery, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dat Phuong Group Joint Stock Company (DPG VN Equity - Hold) - Update - Sustainable Growth

Vietnam

Dat Phuong JSC engages in the construction industry. Its activities include construction of transportation, irrigation, hydro power, power transmission line, and up to 35KV transformer station. The company was founded on March 12, 2002 and is headquartered in Ha Noi, Vietnam.

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Dat Phuong Group (DPG VN)

DPG [BUY +27.6%] - Energy, Construction Segments to Boost Valuation Further - Update

Our higher TP is due to a 6% increase in our aggregate NPAT forecast, with respective changes of +13%/+8%/+3%/+8%/+4% for 2025/26/27/28/29F.

Vietcap

DPG [OUTPERFORM +17.8%] - Clearer Progress of Real Estate Projects to Boost Valuation

Our higher TP is due to a 17% increase in our aggregate NPAT forecast, with respective changes of +9%/+29%/+29%/-25%/+11% for 2025/26/27/28/29F.

Vietcap

Dat Phuong Group Joint Stock Company - Update - 9M24 Earnings Update

Dat Phuong Group JSC (DPG) reported 3Q24 revenue of VND744bn (-14.2% YoY) and NPAT of the parent of VND20bn (-35.5% YoY).

Mirae Asset Securities

Dat Phuong Group Joint Stock Company - Subdued Growth

Construction: We revise our forecast for the construction sector’s growth downward, from 25% to 9%, due to a lower-than-expected reported workload.

Mirae Asset Securities

Dat Phuong Group Joint Stock Company (DPG VN Equity - Hold) - Update - Sustainable Growth

After a surge of 40% in FY23, we forecast that the sector’s growth will slowly subside to a modest number in FY24, between 20% and 25%, and gross...

Mirae Asset Securities

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