DPM – 3Q23 earnings results worse-than-expected
- 3Q23 net revenue and NPAT-MI were VND 3,216 bn (USD 136 mn; -17% YoY) and VND 64 bn NPAT-MI (USD 2.7 mn; -94% YoY), respectively.
- We expect the bottom line to rebound in 4Q2023 after a trough in 3Q2023 thanks to 1) the improvement in both selling price and sales volume and 2) the cooling down of gas input price which will support the gross margin.
- FY2023 we estimate that DPM can achieve VND 13,705 bn revenue (USD 578 bn; -26% YoY) and VND 690 bn NPAT-MI (USD 29.1 mn; -88% YoY). 2023F correspondent EPS will be VND 1,748.
- We maintain a NEUTRAL recommendation with 11% lower one-year target price of VND 32,200/share (from VND 36,200/share). The lower target price is primarily driven by downward earning revisions. However, an expected cash dividend of VND4,000/share in 2023 (be paid in 2024) ~ a dividend yield of 12% will be a plus.
PetroVietnam Fertilizer and Chemicals Corp. PetroVietnam Fertilizer and Chemicals Corporation is a Vietnam-based manufacturer of agricultural chemicals. It manufactures and trades diversified fertilizer products, including urea fertilizers; nitrogenous phosphatic potassic (NPK) fertilizers, liquefied ammonia, as well as other industrial gases and chemicals used for oil and gas exploration and refinery. The Company is also involved in the provision of technical services in fertilizer and petrochemical production.
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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