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Equity Bottom-Up

<ul><li>Revenue reached VND 203bn (+9% YoY), driven by a 41% YoY surge in ASP to VND 57.8mn/ton, with stable sales volume.</li><li>The tree liquidation segment contributed nearly 50 bn VND, equivalent to 50% of the 360-hectare plan, supporting high profit margins.</li><li>Gross profit reached VND 96 bn (-46% QoQ, +17% YoY), thanks to improved rubber selling prices (+4.7% QoQ, +41% YoY) and high profit margin from tree liquidation.</li></ul>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.

Revenue reached VND 203bn (+9% YoY), driven by a 41% YoY surge in ASP to VND 57.8mn/ton, with stable sales volume.The tree liquidation segment contributed nearly 50 bn VND, equivalent to 50% of the 360-hectare plan, supporting high profit margins.Gross profit reached VND 96 bn (-46% QoQ, +17% YoY), thanks to improved rubber selling prices (+4.7% QoQ, +41% YoY) and high profit margin from tree liquidation.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.

DPR - Rubber Segment in 2H2025 Declined, Offset by Liquidation of Trees

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Macroeconomics

The investment landscape of Vietnam has changed considerably since early 2016.  The country’s economic resilience is resulting in the country’s valuations topping its frontier peers in Asia and even trading on par with some of its emerging peers in Asia.  Thus, the prior 30-40% discount to emerging Asia case is slowly fading away as a result of the rise of the country’s stock market valuation in the past year.  It is imperative to note this fact, given that the "30-40% discount to emerging Asia"…

The investment landscape of Vietnam has changed considerably since early 2016.  The country’s economic resilience is resulting in the country’s valuations topping its frontier peers in Asia and even trading on par with some of its emerging peers in Asia.  Thus, the prior 30-40% discount to emerging Asia case is slowly fading away as a result of the rise of the country’s stock market valuation in the past year.  It is imperative to note this fact, given that the "30-40% discount to emerging Asia"…

Navigating Vietnam's New Investment Landscape

Viet Capital Securities Joint Stock Company

Luan Nguyen

Thematic (Sector/Industry)

Vietnam’ s monopolistic airport operator is poised to be listed on Upcom next week. According Ha Noi stock exchange, Airports Corporation of Vietnam (ACV) will be listed on the Upcom exchange by November 21, 2016. The listing reference price in the first trading day is VND25,000 per share, which implies a market cap of USD2.4 billion based on the 2,177,173,236 shares outstanding.

Vietnam’ s monopolistic airport operator is poised to be listed on Upcom next week. According Ha Noi stock exchange, Airports Corporation of Vietnam (ACV) will be listed on the Upcom exchange by November 21, 2016. The listing reference price in the first trading day is VND25,000 per share, which implies a market cap of USD2.4 billion based on the 2,177,173,236 shares outstanding.

Airports Corporation of Vietnam - Riding the Boom of Passenger Traffic Growth

Rubber prices have grown positively from early 2016, not yet showing signs of cooling down, arguably the most important factor that helped rubber exploitation businesses record such a period of victory. Accordingly, the two major rubber suppliers, Phuoc Hoa Rubber (PHR) and Dong Phu Rubber (DPR), generated such impressive results.

Rubber prices have grown positively from early 2016, not yet showing signs of cooling down, arguably the most important factor that helped rubber exploitation businesses record such a period of victory. Accordingly, the two major rubber suppliers, Phuoc Hoa Rubber (PHR) and Dong Phu Rubber (DPR), generated such impressive results.

My previous insight outlines opportunities in Vietnam’s logistics industry in the north of Vietnam, and investors should also note the strong trends of growth in the south, primarily in Cat Lai Port.  The development of Lach Nguyen Port in northern Vietnam will also be a substantial boost for capacity in northern Vietnam.  Both the north and the south have been delivering double digit growth, which consequently makes this a significant area for value investing.

My previous insight outlines opportunities in Vietnam’s logistics industry in the north of Vietnam, and investors should also note the strong trends of growth in the south, primarily in Cat Lai Port.  The development of Lach Nguyen Port in northern Vietnam will also be a substantial boost for capacity in northern Vietnam.  Both the north and the south have been delivering double digit growth, which consequently makes this a significant area for value investing.

Vietnam's Logistics Industry: Expansion Amid Vietnam's Manufacturing Rise

Vietnam

Dong Phu Rubber JSC is a diversified holding company. The Company is involved in various sectors from rubber tree planting to rubber processing, agro-forestry exploitation, cattle and fowl raising, construction and property.

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Dong Phu Rubber Jsc (DPR VN)

DPR - Rubber Segment in 2H2025 Declined, Offset by Liquidation of Trees

Gross profit reached VND 96 bn (-46% QoQ, +17% YoY), thanks to improved rubber selling prices (+4.7% QoQ, +41% YoY) and high profit margin from...

Rong Viet Securities

Navigating Vietnam's New Investment Landscape

The investment landscape of Vietnam has changed considerably since early 2016. The country’s economic resilience is resulting in the country’s...

Nomadic Equity

Airports Corporation of Vietnam - Riding the Boom of Passenger Traffic Growth

Vietnam’ s monopolistic airport operator is poised to be listed on Upcom next week. According Ha Noi stock exchange, Airports Corporation of...

Luan Nguyen

Natural Rubber Industry as of Q3 2016

Rubber prices have grown positively from early 2016, not yet showing signs of cooling down, arguably the most important factor that helped rubber...

Luan Nguyen

Vietnam's Logistics Industry: Expansion Amid Vietnam's Manufacturing Rise

My previous insight outlines opportunities in Vietnam’s logistics industry in the north of Vietnam, and investors should also note the strong...

Nomadic Equity

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