X-Point | DCM VND53,300 +18%: 2026 AGM & 1Q2026 Business Results

EVENT HIGHLIGHTS

DCM delivered strong 1Q2026 business results, with PBT surging 93% YoY, in line with BSC’s forecast. BSC maintains its BUY recommendation on DCM, with a target price of VND53,300/share, implying 18% upside versus the closing price on 21 April 2026. We will continue to provide updates to investors once DCM’s official 1Q2026 results are released.

Please refer to BSC’s latest update report here for further details.

2026 Business Results & Plan

DCM recorded a strong earnings performance, supported by high output selling prices and inventory carried over from end-2025 into 1Q2026:

 -Revenue reached VND5,386bn, up 51% YoY, fulfilling 31% of the full-year plan. PBT reached VND878bn, up 93% YoY, completing 67% of the annual target after just one quarter.
 -Gross margin expanded significantly, driven by the sharp increase in urea selling prices. At one point, urea prices approached USD900/tonne, more than double the level recorded at end-2025.