Petro Viet Nam Ca Mau Fertilizer JSC (DCM VN) - Maintain- Growth Momentum Led by Exports
In 9M25, Petro Viet Nam Ca Mau Fertilizer JSC (DCM) produced 712,000 tons of urea (+2% YoY) and 181,000 tons of NPK (+38% YoY).
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DCM - Strong Growth Driven by Sales Pricing
Q2-FY25 Net Revenue showed robust YoY growth of 56%, reaching VND 6,252 billion, driven by strong performance across all business segments.
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PetroVietnam Fertilizer & Chemicals (DCM) - Sustained High Urea ASP Underpins Earnings Growth
Our higher TP is driven by our 17.0% higher aggregate 2025-29F NPAT-MI forecast (respective changes of +19.5%/+14.0%/+7.5%/+20.9%/+23.2% for 2025...
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DCM [BUY +26.3%] - NPAT Growth on Strong Urea ASP/NPK Volume, Tax Savings
We raise our 2025F Middle East urea price forecast by 5% to USD395/tonne (+17% YoY) due to higher-than-expected H1 prices of USD402/tonne
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DCM - The Thrust from Selling Price Is Not Strong Enough
We value DCM shares using two methods: discounted cash flow (DCF) and sum of the parts (SoTP), with equal weighting of 50:50.
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