DPR – Core earnings will be gloomy in 2023
- DPR ’s revenue was VND 180 billion (USD 7.8 million) in 1Q2023, down 12% YoY. However, its NPAT reached VND 55 billion (USD 2.39 million), up 45% YoY due to the higher earnings contribution from the tree liquidation segment and provision reversal.
- Totally, we estimate that the 2023 revenue of will reach VND 1,070 billion or USD 46.5 million (-12 %YoY), NPAT-MI will be VND 221 billion or USD 9.6 million (-11 %YoY) and the corresponding EPS will be VND 5,143.
- Based on the sum of the parts methodology (SOTP), we revised the target down to VND 58,000/share (-13%) compared to the previous valuation as we delay and prolong the plan to handover of land to Binh Phuoc province further. When combined with the expected cash dividend of 3,000 VND/share in the next 12 months, the total expected return is +7.6% (based on the closing price on 30/5/2023).
Dong Phu Rubber Joint Stock Company (DORUCO) is a Vietnam-based company engaged in the manufacturing of rubber products. The Company operates and manages six rubber plantations, as well as processes natural latex into rubber products for mechanical usage. DORUCO is also involved in forestation, farm operations, agricultural product processing, as well as the construction of manufacturing buildings and infrastructures. As of December 31, 2012, the Company was a 55.81%-owned subsidiary of Vietnam Rubber Industry Group, and it had three subsidiaries and two affiliates, along with six rubber plantations, two enterprises, one latex processing factory and one medical center.
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.
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