| Title | X-Stock | DCM VND40,200 +7%: Q4/2025 Earnings Update |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Bussiness | DCM |
| Detail |
Date : 06/02/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 510 Kb Download: 0 Download |
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| Short Content |
EARNINGS UPDATE Q4/2025 results: Net revenue reached VND4,528bn (+7% YoY, +52% QoQ), while NPAT-MI reached VND390bn (+38% YoY, +19% QoQ).
For full-year 2025: net revenue reached VND16,961bn (+26% YoY), while NPAT-MI reached VND1,934bn (+47% YoY). BSC’S ASSESSMENT Q4/2025 earnings were in line with BSC’s forecast, in which: (i) Actual gross margin performed better than expected, supported by improved selling prices and lower input gas prices. Gross profit in Q4 increased sharply by 84% YoY and 91% QoQ. (ii) High G&A expenses, mainly related to management staff expenses and welfare fund provisions, eroded profitability. Overall, Q4/2025 NPAT-MI was broadly in line with BSC’s forecast. For full-year 2025, actual net revenue and NPAT-MI fulfilled 99% and 94% of BSC’s forecasts, respectively. Key information to watch — Domestic fertilizer prices: urea prices reversed and increased slightly by 4%–5% compared with end-2025, while NPK prices maintained a stable sideways trend (Details are available on page 2) |