DPM – Update – 20180316
- We believe that 2018 could mark the trough in DPM’s current business cycle as profits from the NPK-NH3 revamping project can only be realized after 2018. We reiterate our HOLD recommendation but reduce our target price on the basis of higher oil price assumption and lower ASPs of self-produced NPK than previously forecasted.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND23,200
|
VND23,000
|
4.3%
|
HOLD
|
BASIC MATERIALS
|
Please follow this link for the full report
You Might Be Interested
Company Note
5
Charm Villas project is the key driver for net profit growth during FY22-23F. We expect power segment to deliver 38.4% yoy growth in FY22F revenue with full-year operation of three renewable power plants. We reiterate our Add call with a…
Company Note
16
VHC’s 1Q22 net revenue/net profit surged 82.7%/318.3% yoy, fulfilling 29%/39% of our full-year forecasts, respectively. We expect FY22F revenue/NP to grow robustly 52.8%/77.9% yoy, riding on strong export demand and expanding gross margin. Upgrade to Add with a higher TP…
Company Note
17
ACV posted VND701bn in 1Q22 net profit (+2.5% yoy), marking the first quarter of core business returning to positive growth since FY20. We lower FY22-24F EPS by 14.1%-7.0% following the longer-than-previous expectation of China’s zero covid strategy. Reiterate Add with…