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Equity Bottom-Up

PetroVietnam Fertilizer and Chemicals / Equity Bottom-Up

PetroVietnam Fertilizer and Chemicals (DPM VN)

<ul><li>In Q2/2026, DPM recorded net revenue of VND 6,986 billion (+32% YoY) and NPAT-MI of VND 906 billion (+125% YoY).</li><li>The main drivers were the wholesale segment, which surged 78% YoY, and the Urea and NPK segments, which grew 13% YoY.</li><li>Notably, the Urea segment saw export volume soar by 182% YoY (reaching 80.6 thousand tons), offsetting a 49% decline in domestic consumption volume due to high fertilizer 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.

In Q2/2026, DPM recorded net revenue of VND 6,986 billion (+32% YoY) and NPAT-MI of VND 906 billion (+125% YoY).The main drivers were the wholesale segment, which surged 78% YoY, and the Urea and NPK segments, which grew 13% YoY.Notably, the Urea segment saw export volume soar by 182% YoY (reaching 80.6 thousand tons), offsetting a 49% decline in domestic consumption volume due to high fertilizer 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.

<ul><li>In Q1/2026, DPM's net revenue reached VND 5,623 billion (+36% YoY), and NPAT-MI reached VND 401 billion (+96% YoY). Revenue growth was driven by both key business segments.</li><li>The Urea segment’s selling price increased by 8,4% YoY, while output stayed stable at 239 thousand tons.</li><li>The NPK segment's revenue increased by 70% YoY, driven by a 50% rise in output and a 13% rise in selling 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.

In Q1/2026, DPM's net revenue reached VND 5,623 billion (+36% YoY), and NPAT-MI reached VND 401 billion (+96% YoY). Revenue growth was driven by both key business segments.The Urea segment’s selling price increased by 8,4% YoY, while output stayed stable at 239 thousand tons.The NPK segment's revenue increased by 70% YoY, driven by a 50% rise in output and a 13% rise in selling 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.

External broker reports(aggregated public sources), Vietcap

Vietcap

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<ul><li>5M 2026 Middle East urea prices averaged USD652/tonne (+64% YoY), ~130% of our prior base case assumption of USD500/tonne.</li><li>Urea prices peaked at USD908/tonne in the second half of April, the highest level since 2023 (~10% below the peak during the Russia–Ukraine conflict), with India’s tender prices reaching similar levels.</li><li>Prices have since cooled to ~USD755/t (still +54% vs pre-conflict levels) due to (1) growing expectations of a conflict resolution, (2) the passing of India’s April peak demand season, and (3) weak demand from Korea, Japan, Australia, and some EU countries; however, physical supply from the Middle East remains tight</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.

5M 2026 Middle East urea prices averaged USD652/tonne (+64% YoY), ~130% of our prior base case assumption of USD500/tonne.Urea prices peaked at USD908/tonne in the second half of April, the highest level since 2023 (~10% below the peak during the Russia–Ukraine conflict), with India’s tender prices reaching similar levels.Prices have since cooled to ~USD755/t (still +54% vs pre-conflict levels) due to (1) growing expectations of a conflict resolution, (2) the passing of India’s April peak demand season, and (3) weak demand from Korea, Japan, Australia, and some EU countries; however, physical supply from the Middle East remains tightContent 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.

DPM [MARKET PERFORM +9.9%] - Urea ASP Tailwinds Boost 2026F NPAT Growth

<ul><li>Middle East urea prices surged to USD650/tonne on March 6, 2026, up 33% vs the level before the Israel/US and Iran conflict. The spike reflects three key factors: (1) higher Brent oil and gas input costs (2) gas supply disruptions, including to Egypt, and (3) Iran’s importance in the global market, accounting for roughly 10% of global urea seaborne trade.</li><li>Industry checks also suggest some deals were matched at as high as USD700/tonne.</li><li>We estimate Q1 2026 average Middle East urea prices at USD507/tonne (+28% QoQ, +25% YoY), 27% higher than our prior projection of USD400/tonne.</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.

Middle East urea prices surged to USD650/tonne on March 6, 2026, up 33% vs the level before the Israel/US and Iran conflict. The spike reflects three key factors: (1) higher Brent oil and gas input costs (2) gas supply disruptions, including to Egypt, and (3) Iran’s importance in the global market, accounting for roughly 10% of global urea seaborne trade.Industry checks also suggest some deals were matched at as high as USD700/tonne.We estimate Q1 2026 average Middle East urea prices at USD507/tonne (+28% QoQ, +25% YoY), 27% higher than our prior projection of USD400/tonne.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.

DPM [MARKET PERFORM +4.0%] - NPAT to Jump Further on Strong Urea ASP

<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.

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 - Benefiting from Exports

The main drivers were the wholesale segment, which surged 78% YoY, and the Urea and NPK segments, which grew 13% YoY. Notably, the Urea segment saw...

Rong Viet Securities

DPM - Experiencing a Favorable Year

In Q1/2026, DPM's net revenue reached VND 5,623 billion (+36% YoY), and NPAT-MI reached VND 401 billion (+96% YoY). Revenue growth was driven by...

Rong Viet Securities

DPM [MARKET PERFORM +9.9%] - Urea ASP Tailwinds Boost 2026F NPAT Growth

5M 2026 Middle East urea prices averaged USD652/tonne (+64% YoY), ~130% of our prior base case assumption of USD500/tonne.

Vietcap

DPM [MARKET PERFORM +4.0%] - NPAT to Jump Further on Strong Urea ASP

We estimate Q1 2026 average Middle East urea prices at USD507/tonne (+28% QoQ, +25% YoY), 27% higher than our prior projection of USD400/tonne.

Vietcap

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

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