External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

Duc Giang Chemicals & Detergen / Equity Bottom-Up

<ul><li>We lower our target price (TP) by 6% to VND118,000/share and reiterate our BUY rating. </li><li>Our lower target price reflects an 8% decrease in our 2026F core EBITDA forecast, and reducing our target EV/EBITDA multiple to 8.0x (from 9.0x previously), which are partly offset by rolling our TP horizon to end-2026 from mid-2026.</li><li>We cut our 2025F/26F/27F NPAT-MI projections by 5%/8%/4% due to (1) lower AP revenue in 2025F, (2) lower non-phosphorus revenue in 2025F-26F, and (3) lower GPM on reduced ore self-sufficiency in 2025F amid higher electricity costs and lower export tax-sharing in 2026- 27F.</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.

We lower our target price (TP) by 6% to VND118,000/share and reiterate our BUY rating. Our lower target price reflects an 8% decrease in our 2026F core EBITDA forecast, and reducing our target EV/EBITDA multiple to 8.0x (from 9.0x previously), which are partly offset by rolling our TP horizon to end-2026 from mid-2026.We cut our 2025F/26F/27F NPAT-MI projections by 5%/8%/4% due to (1) lower AP revenue in 2025F, (2) lower non-phosphorus revenue in 2025F-26F, and (3) lower GPM on reduced ore self-sufficiency in 2025F amid higher electricity costs and lower export tax-sharing in 2026- 27F.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.

DGC [BUY +30.0%] - P4 Tax Impact; Chlor-Alkali Contribution Starts in Q2 2026

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Revenue of Yellow Phosphorus decreased slightly while TPA and Fertilizer grew well</li><li>Revenue reached VND2,894 billion (+15% YoY, +3% QoQ) with the main contribution from yellow phosphorus (supported by stable demand from the semiconductor market) and fertilizers (supported by supply shortages from China and pushing costs).</li><li>Gross profit margin (GPM) was at 33.9% (-100 bps QoQ) with gross profit reaching VND 980 billion – equivalent to the same quarter due to favorable selling price movements.</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 of Yellow Phosphorus decreased slightly while TPA and Fertilizer grew wellRevenue reached VND2,894 billion (+15% YoY, +3% QoQ) with the main contribution from yellow phosphorus (supported by stable demand from the semiconductor market) and fertilizers (supported by supply shortages from China and pushing costs).Gross profit margin (GPM) was at 33.9% (-100 bps QoQ) with gross profit reaching VND 980 billion – equivalent to the same quarter due to favorable selling price movements.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.

DGC - Yellow Phosphorus and Fertilizers Are Short-Term Growth Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.</li>
<li>The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.</li>
<li>We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.</li>
</ul>


After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.
The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.
We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.


Vietnam: Global Index Inclusion & Passive Flows

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hagl-jsc" target="_blank" data-smartkarma-citation="entities:6632:1" rel="noopener">Hagl Jsc (HAG VN)</a> is an inclusion while An Phat Holdings (APH VN) and CEO Group (CEO VN) are deletes from the MVIS Vietnam Index at the September rebalance.</li>
<li>There are a lot of float and capping changes that will result in one-way turnover of 12% and a one-way trade of US$45m.</li>
<li>There are a lot of stocks that have over 1 day of ADV to trade and there could be opportunities to enter/exit positions on a move in the stocks.</li>
</ul>



Hagl Jsc (HAG VN) is an inclusion while An Phat Holdings (APH VN) and CEO Group (CEO VN) are deletes from the MVIS Vietnam Index at the September rebalance.
There are a lot of float and capping changes that will result in one-way turnover of 12% and a one-way trade of US$45m.
There are a lot of stocks that have over 1 day of ADV to trade and there could be opportunities to enter/exit positions on a move in the stocks.


MVIS Vietnam Index Rebalance: One Add, Two Deletes

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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Duc Giang Chemicals Group JSC (DGC VN)<div class="content-highlight">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.</div>

Duc Giang Chemicals Group JSC (DGC VN)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.

Duc Giang Chemcial Group JSC_Update report (DGC VN/BUY): Phosphate supply to remain tight

Vietnam

Duc Giang Chemicals And Detergent Powder Joint Stock Company primarily produces and sells detergents powder and liquids, and chemical raw materials and commodity chemicals in Vietnam. Its products include mono ammonium phosphate, axetone, Duc Giang detergent powder, soffy fabric softener, and yellow phosphorus. It also engages in manufacturing and trading other chemical products, such as H3PO4, pharmaceutical, purity chemicals, and engineering chemicals. The company is based in Hanoi, Vietnam.

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Duc Giang Chemicals & Detergen (DGC VN)

DGC [BUY +30.0%] - P4 Tax Impact; Chlor-Alkali Contribution Starts in Q2 2026

We lower our target price (TP) by 6% to VND118,000/share and reiterate our BUY rating. Our lower target price reflects an 8% decrease in our 2026F...

Vietcap

DGC - Yellow Phosphorus and Fertilizers Are Short-Term Growth Drivers

Revenue reached VND2,894 billion (+15% YoY, +3% QoQ) with the main contribution from yellow phosphorus (supported by stable demand from the...

Rong Viet Securities

Vietnam: Global Index Inclusion & Passive Flows

Vietnam could be added to a global index in Sep 2026. The final decision will be made in March. We see 21 stocks currently meeting index inclusion...

Brian Freitas

MVIS Vietnam Index Rebalance: One Add, Two Deletes

There is 1 addition and 2 deletions for the MVIS Vietnam Index. There are a lot of float and capping changes that will result in one-way turnover...

Brian Freitas

Duc Giang Chemcial Group JSC_Update report (DGC VN/BUY): Phosphate supply to remain tight

Duc Giang Chemicals Group JSC (DGC VN)

Mirae Asset Securities

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