| Title | X-Alpha | DCM VND53,300 +16%: An Endless Golden Harvest |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Bussiness | DCM |
| Detail |
Date : 30/03/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 738 Kb Download: 0 Download |
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| Short Content |
VALUATION VIEW BSC upgrades its recommendation on DCM to BUY with a target price of VND53,300/share, implying a total expected return of +16%, including dividends. The new target price is 33% higher than in our most recent report, driven by a 79% upward revision to our 2026 NPAT-MI forecast after we significantly raised our assumptions for average selling prices and sales volume. EARNINGS FORECAST
COMPANY UPDATE Earnings update Q4/2025 results: Net revenue reached VND4,528bn (+7% YoY, +52% QoQ), while NPAT-MI reached VND390bn (+38% YoY, +19% QoQ). Q4/2025 earnings were in line with BSC’s forecast, in which: (i) actual gross margin was more positive than expected, offsetting (ii) higher-than-expected G&A expenses, mainly related to management staff expenses and welfare fund provisions. Investment view update — see our latest report
RISKS (1) Lower-than-expected sales volume and average selling prices; regulatory policy pressure; (2) Higher input gas prices due to exchange rate volatility and rising oil prices; (3) Upside risk to our forecast: a prolonged and/or more severe geopolitical conflict.
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