Fertilizer Industry 2025 - DRIVING FORCE FROM VAT TAX AND OIL PRICE DECLINE
In 2024, the fertilizer industry recovered primarily due to a significant increase in consumption volume in foreign markets and a domestic rebound, while selling prices saw a slight recovery. Moving into 2025, we expect fertilizer industry profits to grow, driven by improved gross margins while revenue remains stable.Gross margins are expected to improve as input gas prices are projected to decrease faster than fertilizer prices, along with cost savings from the VAT tax law anticipated to take effect shortly after July 1, 2025.
Revenue stability will be supported by a slight increase in production volume offsetting a modest decline in selling prices.
Recommendations: DPM (ACCUMULATE, TP: VND 36,800/share), BFC (ACCUMULATE, TP: VND 39,400/share), DCM (Neutral, TP: VND 34,000/share)
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