External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

<ul><li>We lower our target price (TP) for DPG by 12% to VND48,700/share but maintain our BUY rating.</li><li>Our lower TP is due to (1) applying a conglomerate discount of 10% and (2) 18% higher number of shares to outweigh (3) the positive impact of rolling our TP horizon from mid-2026 to end-2026, (4) an 18% higher valuation for the construction segment (using 2026F NPAT vs 2025-26 average NPAT), (5) a 65% higher valuation for the PV solar glass segment, and (6) a 45% higher valuation for the Binh Duong Integrated Resort.</li><li>We raise our aggregate NPAT forecast by 12%, with respective changes of +0%/+1%/+2%/+108%/+20%/+10% for 2025/26/27/28/29/30F.</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 lower our target price (TP) for DPG by 12% to VND48,700/share but maintain our BUY rating.Our lower TP is due to (1) applying a conglomerate discount of 10% and (2) 18% higher number of shares to outweigh (3) the positive impact of rolling our TP horizon from mid-2026 to end-2026, (4) an 18% higher valuation for the construction segment (using 2026F NPAT vs 2025-26 average NPAT), (5) a 65% higher valuation for the PV solar glass segment, and (6) a 45% higher valuation for the Binh Duong Integrated Resort.We raise our aggregate NPAT forecast by 12%, with respective changes of +0%/+1%/+2%/+108%/+20%/+10% for 2025/26/27/28/29/30F.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 +32.7%] - Private Placement to Boost Earnings Growth Beyond 2027 - Update

<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

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<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

Vietnam

Dat Phuong Group Joint Stock Company engages in real estate construction and development, and infrastructure construction in Vietnam. The company also invests in hydropower projects and trades in construction materials. It was founded in 2002 and is headquartered in Hanoi, Vietnam.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00