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External broker reports(aggregated public sources)

Equity Bottom-Up

Petrovietnam Ca Mau Fertilizer / Equity Bottom-Up

<ul><li>We raise our target price (TP) for DPM by 21.3% to VND29,000/share and maintain our OUTPERFORM rating.</li><li>Our higher TP is driven by our 17.0% higher aggregate 2025-29F NPAT-MI forecast (respective changes of +19.5%/+14.0%/+7.5%/+20.9%/+23.2% for 2025/26/27/28/29F).</li><li>The changes to our forecasts are mainly driven by 10% higher projected ASP for 2025-29F on average, following our (1) 10% higher respective Middle East urea price forecasts, and (2) stronger-than-expected H1 2025 ASP and estimated Q3 ASP.</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 DPM by 21.3% to VND29,000/share and maintain our OUTPERFORM rating.Our higher TP is driven by our 17.0% higher aggregate 2025-29F NPAT-MI forecast (respective changes of +19.5%/+14.0%/+7.5%/+20.9%/+23.2% for 2025/26/27/28/29F).The changes to our forecasts are mainly driven by 10% higher projected ASP for 2025-29F on average, following our (1) 10% higher respective Middle East urea price forecasts, and (2) stronger-than-expected H1 2025 ASP and estimated Q3 ASP.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 Fertilizer & Chemicals (DCM) - Sustained High Urea ASP Underpins Earnings Growth