External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We raise our target price (TP) for DPG by 21% to VND50,000 (TSR of 17.8%) and downgrade our rating from BUY to OUTPERFORM.</li><li>Our higher TP is due to a 17% increase in our aggregate NPAT forecast, with respective changes of +9%/+29%/+29%/-25%/+11% for 2025/26/27/28/29F.</li><li>This is mainly due to a 1) 33% higher profit projection for Casamia Balanca and 2) estimated VND57bn profit from Casamia Quang Binh (see page 4), which outweigh (3) lower profit from the construction segment when DPG reduces and deconsolidates two subsidiaries (Dat Phuong 1&amp;2, see page 10).</li></ul><p><em>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.</em></p>

We raise our target price (TP) for DPG by 21% to VND50,000 (TSR of 17.8%) and downgrade our rating from BUY to OUTPERFORM.Our higher TP is due to a 17% increase in our aggregate NPAT forecast, with respective changes of +9%/+29%/+29%/-25%/+11% for 2025/26/27/28/29F.This is mainly due to a 1) 33% higher profit projection for Casamia Balanca and 2) estimated VND57bn profit from Casamia Quang Binh (see page 4), which outweigh (3) lower profit from the construction segment when DPG reduces and deconsolidates two subsidiaries (Dat Phuong 1&amp;2, see page 10).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.

DPG [OUTPERFORM +17.8%] - Clearer Progress of Real Estate Projects to Boost Valuation

Dat Phuong Group

DPG [OUTPERFORM +17.8%] - Clearer Progress of Real Estate Projects to Boost Valuation