Viet Dragon Securities - Analyst Pin-board DPM – Update on 2Q2021

Report

Viet Dragon Securities

Son Tran

Analyst Pin-board DPM – Update on 2Q2021

· 2Q2021 revenue of VND2,980bn (+34.3% YoY) while NPATMI of VND684bn (+125.7% YoY).

· DPM recorded VND99bn of other profits (including VND91bn from the insurance claim for business losses) and adjusted down VND132bn in expenses, related to 2020 depreciation (VND49bn) as well as maintenance costs (VND83bn).

· For 3Q2021, revenue and NPATMI are anticipated at VND2,716bn (+38.9% YoY) and VND391bn (+114.8% YoY), respectively.

· The stock price has been rising significantly to reflect the impressive 2Q2021 earnings but the current valuation is not cheap if looking at 2022 prospects. The fair price of DPM is evaluated at a price of VND31,600.

20/08/2021 6 EN

Provider

Viet Dragon Securities

Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.

RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”

See profile

Analysts

Son Tran

Other Reports from Viet Dragon Securities

Tung Do

Tung Do

CTG - Solid Growth Outlook as Provisioning Pressures Subside

We have updated our valuation for the shares of Vietnam Joint Stock Commercial Bank for Industry and Trade (HSX: CTG) with a 12-month target price of VND 46,200, equivalent to a projected 2025 P/B ratio of 1.4x. • Easing Credit Cost Pressures in the Medium Term. Since 2018, CTG has been addressing legacy non-performing loans (NPLs) from prior cycles and those arising from the Covid-19 pandemic, amidst fluctuating interest rates. Measures include settling debts with the Vietnam Asset Management Company (VAMC), restructuring loans, offering interest rate reductions to high-potential clients, bo...

22h / 58m 22h / 58m 41 EN

Phuong Nguyen

Phuong Nguyen

BREAKING ABOVE 1,300 POINTS

Despite the psychological resistance threshold of 1,300 points, the market continued its upward trend and surpassed this psychological threshold. Liquidity increased compared to the previous session, indicating that cash flow continues to create supportive momentum for the market and absorb profit-taking supply, especially with relatively strong net buying activity from foreign investors. The signal of moving past the 1,300 point threshold shows that investor sentiment is still positive and may help the market extend its upward phase in the near future. The next resistance area for the marke...

23h / 49m 23h / 49m 10 EN

Chinh Nguyen

Chinh Nguyen

Comparison of domestic natural gas and LNG fuel sources

• According to the revised Power Plan VIII, the electricity demand of the whole system is expected to reach 500 billion kWh by 2030 (+7%/year), requiring an increase in installed capacity of 12%/year. Gas power increased the most (+21%/year), mainly thanks to projects using LNG instead of domestic gas. • Domestic gas production is declining due to old wells, causing supply to be limited in the short term. In contrast, imported LNG is highly flexible, helping to diversify the supply. However, the cost is higher due to liquefaction, transportation and regasification. Vietnam is investing heavi...

May 14, 2025 May 14, 2025 7 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Analyst Pin-board DPM – Update on 2Q2021

CTG - Solid Growth Outlook as Provisioning Pressures Subside

BREAKING ABOVE 1,300 POINTS

Comparison of domestic natural gas and LNG fuel sources

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe