X-Point | DCM 33,900 +19%: Corporate Meeting 2026

EVENT HIGHLIGHTS
Business outlook: (1) The scheduled maintenance in September 2026 was shortened to around 12 days (versus an average of 16 days in previous years), limiting the impact on H2 output; (2) Middle East fertilizer prices have bottomed out and recovered to near USD 500/ton. Risks: pressure to meet the VND 19,000 billion revenue target set by the Group, volatility in China's export policy, and competition from small-bag informal/cross-border trade goods.

BSC'S VIEW

• Valuation: DCM shares have corrected sharply from their peak (from VND 50,000 down to around VND 30,000), and valuation is now considered cheap; fund flows are starting to show renewed interest.
• Factors to monitor: (i) Progress of restarting the plant after the September maintenance. (2) The extent of completion of the VND 19,000 billion revenue target set by the Group in Q4/2026. (3) Global Urea price movements & China's moves to ease/tighten exports (particularly small-bag informal/cross-border trade supply).