DPM – Accept high gas prices as the new normal
- DPM announced 4Q2023 net revenue and NPAT-MI were VND 3,382 bn (USD 143 mn; -13% YoY, +5% QoQ) and VND 108 bn (USD 4.5 mn; -91% YoY; +68% QoQ), respectively.
- We expect FY2024 revenue to be flat compared to 2023 while the blended gross margin will be slightly widen to 13.1% from 12.2% in 2023 thanks to the cooling down in FO price. As a result, FY2024 NPAT-MI is expected to reach VND 752 bn (USD 32 mn; +41% YoY). Corresponding EPS is VND 1,906. Previously, DPM has released 2024 guidance with VND 12,755 bn (USD 538 mn) revenue and VND 660 bn (USD 28 mn) PBT.
- We maintain a NEUTRAL recommendation with an 11% lower one-year target price of VND 30,100/share (from VND 32,200/share). The lower target price is primarily driven by downward earnings
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