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Title X-Stock | DHC 47,700 +36%: Q1 2026 Earnings and 2026 AGM Update
Report Type Phân tích công ty
Source BSC
Bussiness DHC
Detail Date : 20/05/2026
Total pages : 0
Language : English
File Type : .PDF
FileSize : 449 Kb
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Short Content

2026 AGM Update

2026 Business Plan

• Revenue is targeted at 3,800 billion VND, 6% higher than 2025 actual results and broadly in line with BSC’s expectations.
• NPAT is targeted at 350 billion VND, 11% lower than 2025 actual results and 13% below BSC’s expectations.

 In addition, the company’s inventories purchased before the Iran–U.S. conflict are sufficient for use through June. Q2 profit is also estimated to exceed the 137 billion VND recorded in Q1.

The company attributed its conservative plan to several adverse factors in 2026:

• Global instability and higher fuel prices have led to a sharp increase in transportation costs, while raw material costs, including OCC paper and wheat flour, as well as steam costs, exchange rates and interest rates, have all increased.
• Capacity expansion projects by competitors are expected to intensify competition going forward.

Investment Plan

• The company is preparing to relocate its packaging plant in order to expand its scale and capacity and develop additional offset printing product lines.
• The Giao Long 3 plant commenced construction on 30 December 2025. The company has selected equipment suppliers and contractors for the key construction packages, with total signed contract value reaching 1,605 billion VND. Total investment remains unchanged from the previous plan at 2,250 billion VND.

2025 Profit Distribution Plan

• 20% cash dividend, of which 10% has already been paid. In the previous year, the company paid a 10% cash dividend and a 20% stock dividend.
• 5% of NPAT allocated to the development investment fund, unchanged from the previous year.
• 2% of NPAT allocated to the bonus and welfare fund, unchanged from the previous year.
 

BSC’s Assessment

We believe the company has set a conservative business plan. Historical data over the past six years show that DHC’s NPAT targets have often deviated significantly from actual results. Specifically, in three years, the company achieved 120%–190% of its targets, while in two years it completed only 81%–84%. In addition, DHC’s business outlook remains positive.