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Equity Bottom-Up

PetroVietnam Fertilizer and Chemicals / Equity Bottom-Up

PetroVietnam Fertilizer and Chemicals (DPM VN)

<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><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>

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