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

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

PetroVietnam Fertilizer and Chemicals / Equity Bottom-Up

PetroVietnam Fertilizer and Chemicals (DPM VN)

<ul><li>We value DPM shares using a 50/50 blend of two valuation methodologies: Discounted Cash Flow (DCF) and P/B comparable.</li><li>Our 12-month target price for DPM is VND 24,600/share, implying a forward P/B of 1.43x/1.40x for 2025-2026</li><li>DPM is currently Vietnam’s leading urea fertilizer producer, commanding an average domestic urea market share of 38%. </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 value DPM shares using a 50/50 blend of two valuation methodologies: Discounted Cash Flow (DCF) and P/B comparable.Our 12-month target price for DPM is VND 24,600/share, implying a forward P/B of 1.43x/1.40x for 2025-2026DPM is currently Vietnam’s leading urea fertilizer producer, commanding an average domestic urea market share of 38%. 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.

External broker reports(aggregated public sources), Vietcap

Vietcap

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

Thematic (Sector/Industry)

<ul><li>Tougher US trade policies with China and potential retaliation could renew a trade war that weighs on global trade and oil consumption: US President-elect Donald Trump’s threat of a 60% tariff on Chinese goods raises risks of a new trade war with China.</li><li>The International Monetary Fund (IMF) projects that if higher tariffs affect a “sizeable swath” of world trade by mid-2025, global output could be reduced by 0.8% in 2025 and by 1.3% in 2026.</li><li>A UBS economist estimates that a 60% tariff on Chinese imports would cut China’s GDP growth by 2.5 percentage points a year later.</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.

Tougher US trade policies with China and potential retaliation could renew a trade war that weighs on global trade and oil consumption: US President-elect Donald Trump’s threat of a 60% tariff on Chinese goods raises risks of a new trade war with China.The International Monetary Fund (IMF) projects that if higher tariffs affect a “sizeable swath” of world trade by mid-2025, global output could be reduced by 0.8% in 2025 and by 1.3% in 2026.A UBS economist estimates that a 60% tariff on Chinese imports would cut China’s GDP growth by 2.5 percentage points a year later.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.

Oil & Gas Sector Update - Lowering oil price forecasts on increased risks to global trade

<ul><li>We maintain our average Middle East urea price forecast for 2024F at USD320/tonne (-10.5% vs 2023 and ~20% higher vs the pre-COVID level). </li><li>The average Middle east urea price in 9M 2024 was USD331/tonne (-5% YoY).</li><li>In Q3 2024, Middle East urea prices rose to an average of USD341/tonne (+9% QoQ, -7% YoY), driven by: (1) India’s urea import tender of ~2.5 million tonnes, with prices ranging from USD364 to USD390 per tonne; (2) escalating geopolitical tensions in the Arab Gulf, affecting key producers such as Saudi Arabia, Qatar, and Iran; and (3) increasing natural gas prices.</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 maintain our average Middle East urea price forecast for 2024F at USD320/tonne (-10.5% vs 2023 and ~20% higher vs the pre-COVID level). The average Middle east urea price in 9M 2024 was USD331/tonne (-5% YoY).In Q3 2024, Middle East urea prices rose to an average of USD341/tonne (+9% QoQ, -7% YoY), driven by: (1) India’s urea import tender of ~2.5 million tonnes, with prices ranging from USD364 to USD390 per tonne; (2) escalating geopolitical tensions in the Arab Gulf, affecting key producers such as Saudi Arabia, Qatar, and Iran; and (3) increasing natural gas prices.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.

Urea Sector - Medium-term outlook remains bright for DPM & DCM

<ul><li>We lower our average 2024F Brent oil price assumption by 3.6% to USD80/bbl.</li><li>YTD to October 3, the average Brent oil price was USD82/bbl, slightly lower than our previous 2024F forecast of USD83/bbl.</li><li>However, we anticipate subdued oil prices in Q4, driven by weak demand from China, which is expected to outweigh concerns over rising tensions in the Middle East and a projected oil deficit from the US Energy Information Administration (EIA) — defined as a situation where global oil production falls short of global consumption.</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 average 2024F Brent oil price assumption by 3.6% to USD80/bbl.YTD to October 3, the average Brent oil price was USD82/bbl, slightly lower than our previous 2024F forecast of USD83/bbl.However, we anticipate subdued oil prices in Q4, driven by weak demand from China, which is expected to outweigh concerns over rising tensions in the Middle East and a projected oil deficit from the US Energy Information Administration (EIA) — defined as a situation where global oil production falls short of global consumption.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.

Oil & Gas Sector - Lowering 2024F Oil Price, Raising 2025F Forecast

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>The recovery of China’s market points to rising demand for crude oil.</li><li>China’s total imports have increased by 20% YoY, providing significant support for oil prices amid the global economy’s still-slow recovery.</li><li>According to the International Energy Agency (IEA), global crude oil demand is forecast to increase to 103mnbd by 2mnbd (+2% YoY) in 2023.</li></ul><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>

The recovery of China’s market points to rising demand for crude oil.China’s total imports have increased by 20% YoY, providing significant support for oil prices amid the global economy’s still-slow recovery.According to the International Energy Agency (IEA), global crude oil demand is forecast to increase to 103mnbd by 2mnbd (+2% YoY) in 2023.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.

Industry Report - Oil and Gas - Neutral - China's recovery holds key to growth

Vietnam

PetroVietnam Fertilizer and Chemicals Corporation is a leading Vietnamese company specializing in the production and trading of fertilizers and chemicals, including urea, NPK, MOP, SA, DAP, liquid ammonia, and UFC85/Formaldehyde. Its products are primarily targeted at the agriculture sector and also used in oil and gas production. The company was founded on March 28, 2003, and is headquartered in Ho Chi Minh City, Vietnam.

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PetroVietnam Fertilizer and Chemicals (DPM VN)

DPM - Steadily Moving Forward

We forecast DPM’s NPAT-MI to surge 132% YoY in 2025 and maintaining a stable 5% CAGR for 2026–2029, driven by rising urea selling prices.

Rong Viet Securities

Oil & Gas Sector Update - Lowering oil price forecasts on increased risks to global trade

Tougher US trade policies with China and potential retaliation could renew a trade war that weighs on global trade and oil consumption: US...

Vietcap

Urea Sector - Medium-term outlook remains bright for DPM & DCM

We maintain our average Middle East urea price forecast for 2024F at USD320/tonne (-10.5% vs 2023 and ~20% higher vs the pre-COVID level). The...

Vietcap

Oil & Gas Sector - Lowering 2024F Oil Price, Raising 2025F Forecast

We lower our average 2024F Brent oil price assumption by 3.6% to USD80/bbl. YTD to October 3, the average Brent oil price was USD82/bbl, slightly...

Vietcap

Industry Report - Oil and Gas - Neutral - China's recovery holds key to growth

According to the International Energy Agency (IEA), global crude oil demand is forecast to increase to 103mnbd by 2mnbd (+2% YoY) in 2023.

Mirae Asset Securities

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