Analyst Pin-board DCM – 1Q2021 to Surge due to High Fertilizer Selling Price
The input gas price for urea production is recovering rapidly but due to its weight of 60% in the production cost of Ca Mau Fertilizer (DCM), the adverse impact will be partially limited. For the output, the selling prices of urea have risen sharply following world prices because of the supply shortage from China while the demand for global agricultural production is returning quickly. We believe that DCM's results could grow dramatically in 1Q2021 with revenue and profit after tax increasing by 32% YoY and 99% YoY, respectively. However, fertilizers selling prices in the following quarters will likely decrease gradually while oil prices will remain high or continue to increase, gradually reducing the positive effect on profits.
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