{"id":33570,"date":"2025-10-17T17:01:14","date_gmt":"2025-10-17T10:01:14","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=33570"},"modified":"2025-10-17T17:01:14","modified_gmt":"2025-10-17T10:01:14","slug":"en-gtjasvn-rs_dgc-equity-report-_strengthen-the-value-chain_tp120000_oct-16-2025","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn-rs_dgc-equity-report-_strengthen-the-value-chain_tp120000_oct-16-2025\/","title":{"rendered":"(EN) GTJASVN RS_DGC Equity Report _Strengthen the value chain_TP120,000_Oct 16 2025"},"content":{"rendered":"<table>\n<tbody>\n<tr>\n<td>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>Strengthen the value chain<\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>KEY HIGHLIGHTS<\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">DGC is a leading chemical enterprise in Vietnam, holding a dominant position in the supply of yellow phosphorus \u2014 a key raw material for modern industries. In addition, the company has demonstrated its ambition to move further up the industrial chemical value chain through large-scale projects in Nghi Son and Lam Dong.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">In the short term (2025\u20132026), the ethanol project in Dak Nong, scheduled to commence operations in Q1\/2025, and the Nghi Son \u2013 Phase 1 project, expected to be operational in Q2\/2026, will add new capacity and enhance DGC\u2019s revenue and profit growth.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">In the first half of 2025, DGC recorded net revenue of over VND 5,700 billion, up nearly 16.6% year-on-year. Net profit after tax increased by 9% to VND 1,728 billion. With this result, DGC has achieved approximately 54.9% of its full-year revenue target and 52.6% of its after-tax profit plan.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">DGC currently maintains a healthy balance sheet with more than VND 12 trillion in cash and bank deposits, reflecting the company\u2019s strong financial capacity in preparation for upcoming large-scale projects.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>RECOMMENDATION<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">Using the Free Cash Flow to Firm (FCFF) discounted cash flow valuation method, we determine a target price for DGC at <strong>VND 120,000 per share<\/strong>. We recommend a <strong>\u201cBUY\u201d<\/strong> rating for DGC with a target price of VND 120,000 per share, implying an <strong>expected return of 27%<\/strong> compared to the closing price on October 15, 2025<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><a href=\"https:\/\/gtjai.com.vn\/wp-content\/uploads\/2025\/10\/EN-GTJASVN-RS_DGC-Equity-Report-_Strengthen-the-value-chain_TP120000_Oct-16-2025.pdf\">(EN) GTJASVN RS_DGC Equity Report _Strengthen the value chain_TP120,000_Oct 16 2025<\/a><\/span><\/p>\n","protected":false},"author":24,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-33570","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>(EN) GTJASVN RS_DGC Equity Report _Strengthen the value chain_TP120,000_Oct 16 2025 - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn-rs_dgc-equity-report-_strengthen-the-value-chain_tp120000_oct-16-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"(EN) GTJASVN RS_DGC Equity Report _Strengthen the value chain_TP120,000_Oct 16 2025 - GTJA\" \/>\n<meta property=\"og:description\" content=\"Strengthen the value chain KEY HIGHLIGHTS DGC is a leading chemical enterprise in Vietnam, holding a dominant position in the supply of yellow phosphorus \u2014 a key raw material for modern industries. In addition, the company has demonstrated its ambition to move further up the industrial chemical value chain through large-scale projects in Nghi Son [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn-rs_dgc-equity-report-_strengthen-the-value-chain_tp120000_oct-16-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"GTJA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/gtjai.com.vn\/#website\",\"url\":\"https:\/\/gtjai.com.vn\/\",\"name\":\"GTJA\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/gtjai.com.vn\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn-rs_dgc-equity-report-_strengthen-the-value-chain_tp120000_oct-16-2025\/#webpage\",\"url\":\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn-rs_dgc-equity-report-_strengthen-the-value-chain_tp120000_oct-16-2025\/\",\"name\":\"(EN) GTJASVN RS_DGC Equity Report _Strengthen the value chain_TP120,000_Oct 16 2025 - GTJA\",\"isPartOf\":{\"@id\":\"https:\/\/gtjai.com.vn\/#website\"},\"datePublished\":\"2025-10-17T10:01:14+00:00\",\"dateModified\":\"2025-10-17T10:01:14+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn-rs_dgc-equity-report-_strengthen-the-value-chain_tp120000_oct-16-2025\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn-rs_dgc-equity-report-_strengthen-the-value-chain_tp120000_oct-16-2025\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn-rs_dgc-equity-report-_strengthen-the-value-chain_tp120000_oct-16-2025\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/gtjai.com.vn\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"(EN) GTJASVN RS_DGC Equity Report _Strengthen the value chain_TP120,000_Oct 16 2025\"}]}]}<\/script>","yoast_head_json":{"title":"(EN) GTJASVN RS_DGC Equity Report _Strengthen the value chain_TP120,000_Oct 16 2025 - GTJA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn-rs_dgc-equity-report-_strengthen-the-value-chain_tp120000_oct-16-2025\/","og_locale":"en_US","og_type":"article","og_title":"(EN) GTJASVN RS_DGC Equity Report _Strengthen the value chain_TP120,000_Oct 16 2025 - GTJA","og_description":"Strengthen the value chain KEY HIGHLIGHTS DGC is a leading chemical enterprise in Vietnam, holding a dominant position in the supply of yellow phosphorus \u2014 a key raw material for modern industries. 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