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

Rong Viet Securities

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Petrovietnam Fert & Chemical / Equity Bottom-Up

<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><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 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.

Petrovietnam Fert & Chemical

DPM - Steadily Moving Forward