GTJASVN_DPR Equity Report_AM update Q4 2021

Research Center

GTJASVN_DPR Equity Report_AM update Q4 2021

17/02/2022

GTJASVN_DPR Equity Report_AM update Q4 2021

Investment thesis

Large landbank, which is going to be converted to industrial land development.
Stable rubber business, which enjoy benefit from higher selling price and high demand of export.
2000 ha estate handover for next 10 years, approximately 200 ha per year, will bring stable cash flow about 200 bil VND/year.
Bac Dong Phu and Nam Dong Phu industrial park were already approved to be developed in master planning. We expect these projects will start in 2022 and bring cashflow in 2023.

Risk

The legal process may prolong than expected.
Industrial Park in Binh Phuoc is not attractive as in Binh Duong;
Slow infrastructure disbursement by the government, which restrict investment in industrial park in Binh Phuoc.

Recommendation:

We value 3 separated cashflow streams from estate handover, rubber business and industrial park, then we estimate DPR stock at 73,500 VND/share. We recommend Neutral for DPR stock.

Danh sách báo cáo liên quan

(EN) GTJASVN Research_Vietnam Aviation Sector_Feb 11, 2026

11/02/2026

Vietnam’s aviation sector outlook remains positive, supported by strong growth in tourism and large-scale infrastructure investment under the 2021–2030...

GTJASVN RS_FRT Equity Report _Long Chau pharmacy chain continues to spearhead growth _TP188,687_Feb 4, 2026

05/02/2026

(EN) GTJASVN RS_FRT Equity Report _Long Chau pharmacy chain continues to spearhead growth _TP188,687_Feb 4, 2026 BUSINESS UPDATES According to the FY2025...

(EN) GTJASVN_MBB Equity Report_2025 Business Results_Accumulate TP29,600VND_03.02.2026

03/02/2026

(EN) GTJASVN_MBB Equity Report_2025 Business Results_Accumulate TP29,600VND_03.02.2026 KEY BUSINESS HIGHLIGHTS In 2025, MBB recorded exceptional growth...

Contact

Stock index

VNINDEX: 1824.09 10 (0.55%)
HNX: 257.06 0.58 (0.23%)

Trade now

EN

VI

CN

Research Center