Analyst Pin-board DPM – Probably an outstanding growth in 2Q performance
- Q1: Revenue increased by 14.6% YoY but NPAT surged by 63% due to high selling price and lower interest payment.
- Q2: Outstanding growth in profit as a result of selling prices peaking and insurance compensation.
- Urea price will gradually decrease towards the year end and be maintained within the range of VND 7,100 - 7,200/kg in the coming years when supply and demand return to equilibrium. Meanwhile, the recovery of input gas price will make profit margins shrink.
- Not much growth momentum in the long term but DPM can maintain a stable cash dividend of around VND1,000/share, equivalent to a dividend yield of 5.3% at the closing price on May 26, 2021. The target price one year out is VND26,100/share. Cash dividend is expected to be VND 1,700/share in the next 12 months. Upside of 48%, corresponding to a BUY.
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