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

Mirae Asset Securities

External broker reports(aggregated public sources)

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

Equity Bottom-Up

<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

<ul><li>Dat Phuong Group JSC (DPG) reported 3Q23 revenue of VND867bn (-1.5% YoY) and gross profit of VND95bn (-51.3% YoY). As of 9M23, revenue and gross profit reached VND2,026bn (-8.9% YoY) and VND367bn (-44.5%, YoY), respectively.</li><li>Despite the modest decrease in revenue, gross profit fell substantially, due to a steep contraction in the Energy sector.</li><li>Conversely, the Construction sector exhibited an opposite result.</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 3Q23 revenue of VND867bn (-1.5% YoY) and gross profit of VND95bn (-51.3% YoY). As of 9M23, revenue and gross profit reached VND2,026bn (-8.9% YoY) and VND367bn (-44.5%, YoY), respectively.Despite the modest decrease in revenue, gross profit fell substantially, due to a steep contraction in the Energy sector.Conversely, the Construction sector exhibited an opposite result.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 - Construction Sector Rebound

<ul><li>Dat Phuong Group JSC (DPG) reported 1H23 revenue of VND1,159n (-14% YoY) and gross profit of VND271bn (-41% YoY).</li><li>Gross profit fell substantially, due to the decline in revenue from real estate, a segment that accounted for 31% of gross profit last year.</li><li>As a result, NPAT of the parent fell considerably, to VND87bn from VND210bn (-58% YoY). Construction: In 1H23, DPG was awarded several contracts, mostly infrastructure projects, including bridges and expressways. </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 1H23 revenue of VND1,159n (-14% YoY) and gross profit of VND271bn (-41% YoY).Gross profit fell substantially, due to the decline in revenue from real estate, a segment that accounted for 31% of gross profit last year.As a result, NPAT of the parent fell considerably, to VND87bn from VND210bn (-58% YoY). Construction: In 1H23, DPG was awarded several contracts, mostly infrastructure projects, including bridges and expressways. 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 VN Equity - Update - Setting a Solid Foundation for 2024–2025

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.

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Dat Phuong Group (DPG VN)

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

Dat Phuong Group Joint Stock Company - Construction Sector Rebound

Dat Phuong Group JSC (DPG) reported 3Q23 revenue of VND867bn (-1.5% YoY) and gross profit of VND95bn (-51.3% YoY). As of 9M23, revenue and gross...

Mirae Asset Securities

DPG VN Equity - Update - Setting a Solid Foundation for 2024–2025

Gross profit fell substantially, due to the decline in revenue from real estate, a segment that accounted for 31% of gross profit last year.

Mirae Asset Securities

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