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DPM – Moderate recovery in FY20F – Update

Company Note 11/02/2020    239

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  • 4QFY19 revenue declined by 1.6% yoy; net profit surged by 57.2% yoy as 4Q19 gas input price slumped by 25% yoy, based on our estimates.
  • FY19 revenue and net profit fell by 17.4% yoy and 46.0% yoy, respectively, to come in at 100.9% and 145.8% of our full-year forecasts.
  • Reiterate Add, with an unchanged target price of VND15.8k.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND11,750

VND15,800

8.5%

ADD

PETROCHEMICAL

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