External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>Dat Phuong Group JSC (DPG) reported 3Q24 revenue of VND744bn (-14.2% YoY) and NPAT of the parent of VND20bn (-35.5% YoY).</li><li>This brought 9M24 revenue to VND2,130bn (+5.1% YoY) and NPAToTP to VND126bn (+5.9% YoY), achieving 47% and 50% of fiscal year targets, respectively.</li><li>Construction and Hydropower remained the largest contributors of income, with the former accounting for 84% of revenue and the latter accounting for 59% of gross profit. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Dat Phuong Group JSC (DPG) reported 3Q24 revenue of VND744bn (-14.2% YoY) and NPAT of the parent of VND20bn (-35.5% YoY).This brought 9M24 revenue to VND2,130bn (+5.1% YoY) and NPAToTP to VND126bn (+5.9% YoY), achieving 47% and 50% of fiscal year targets, respectively.Construction and Hydropower remained the largest contributors of income, with the former accounting for 84% of revenue and the latter accounting for 59% of gross profit. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dat Phuong Group Joint Stock Company - Update - 9M24 Earnings Update

<ul><li>Construction: We revise our forecast for the construction sector’s growth downward, from 25% to 9%, due to a lower-than-expected reported workload.</li><li>Hydropower: We retain our previous forecast.</li><li>Real estate: We retain our previous forecast, as no revenue from the sector has been reported this year.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Construction: We revise our forecast for the construction sector’s growth downward, from 25% to 9%, due to a lower-than-expected reported workload.Hydropower: We retain our previous forecast.Real estate: We retain our previous forecast, as no revenue from the sector has been reported this year.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dat Phuong Group Joint Stock Company - Subdued Growth

<ul><li>Construction: After a surge of 40% in FY23, we forecast that the sector’s growth will slowly subside to a modest number in FY24, between 20% and 25%, and gross margin will remain stable, between 7% and 7.2%.</li><li>Hydropower: We forecast that the sector will remain intact or marginally decline by 5%. </li><li>Real estate: The revenue has not yet been incorporated into our forecast, as the hospitality segment is far from a recovery, in our view. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Construction: After a surge of 40% in FY23, we forecast that the sector’s growth will slowly subside to a modest number in FY24, between 20% and 25%, and gross margin will remain stable, between 7% and 7.2%.Hydropower: We forecast that the sector will remain intact or marginally decline by 5%. Real estate: The revenue has not yet been incorporated into our forecast, as the hospitality segment is far from a recovery, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dat Phuong Group Joint Stock Company (DPG VN Equity - Hold) - Update - Sustainable Growth

<ul><li>Dat Phuong Group JSC (DPG) reported 3Q23 revenue of VND867bn (-1.5% YoY) and gross profit of VND95bn (-51.3% YoY). As of 9M23, revenue and gross profit reached VND2,026bn (-8.9% YoY) and VND367bn (-44.5%, YoY), respectively.</li><li>Despite the modest decrease in revenue, gross profit fell substantially, due to a steep contraction in the Energy sector.</li><li>Conversely, the Construction sector exhibited an opposite result.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Dat Phuong Group JSC (DPG) reported 3Q23 revenue of VND867bn (-1.5% YoY) and gross profit of VND95bn (-51.3% YoY). As of 9M23, revenue and gross profit reached VND2,026bn (-8.9% YoY) and VND367bn (-44.5%, YoY), respectively.Despite the modest decrease in revenue, gross profit fell substantially, due to a steep contraction in the Energy sector.Conversely, the Construction sector exhibited an opposite result.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dat Phuong Group Joint Stock Company - Construction Sector Rebound

<ul><li>Dat Phuong Group JSC (DPG) reported 1H23 revenue of VND1,159n (-14% YoY) and gross profit of VND271bn (-41% YoY).</li><li>Gross profit fell substantially, due to the decline in revenue from real estate, a segment that accounted for 31% of gross profit last year.</li><li>As a result, NPAT of the parent fell considerably, to VND87bn from VND210bn (-58% YoY). Construction: In 1H23, DPG was awarded several contracts, mostly infrastructure projects, including bridges and expressways. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Dat Phuong Group JSC (DPG) reported 1H23 revenue of VND1,159n (-14% YoY) and gross profit of VND271bn (-41% YoY).Gross profit fell substantially, due to the decline in revenue from real estate, a segment that accounted for 31% of gross profit last year.As a result, NPAT of the parent fell considerably, to VND87bn from VND210bn (-58% YoY). Construction: In 1H23, DPG was awarded several contracts, mostly infrastructure projects, including bridges and expressways. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DPG VN Equity - Update - Setting a Solid Foundation for 2024–2025

Vietnam

Dat Phuong JSC engages in the construction industry. Its activities include construction of transportation, irrigation, hydro power, power transmission line, and up to 35KV transformer station. The company was founded on March 12, 2002 and is headquartered in Ha Noi, Vietnam.

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Dat Phuong Group (DPG VN)

Dat Phuong Group Joint Stock Company - Update - 9M24 Earnings Update

Dat Phuong Group JSC (DPG) reported 3Q24 revenue of VND744bn (-14.2% YoY) and NPAT of the parent of VND20bn (-35.5% YoY).

Mirae Asset Securities

Dat Phuong Group Joint Stock Company - Subdued Growth

Construction: We revise our forecast for the construction sector’s growth downward, from 25% to 9%, due to a lower-than-expected reported workload.

Mirae Asset Securities

Dat Phuong Group Joint Stock Company (DPG VN Equity - Hold) - Update - Sustainable Growth

After a surge of 40% in FY23, we forecast that the sector’s growth will slowly subside to a modest number in FY24, between 20% and 25%, and gross...

Mirae Asset Securities

Dat Phuong Group Joint Stock Company - Construction Sector Rebound

Dat Phuong Group JSC (DPG) reported 3Q23 revenue of VND867bn (-1.5% YoY) and gross profit of VND95bn (-51.3% YoY). As of 9M23, revenue and gross...

Mirae Asset Securities

DPG VN Equity - Update - Setting a Solid Foundation for 2024–2025

Gross profit fell substantially, due to the decline in revenue from real estate, a segment that accounted for 31% of gross profit last year.

Mirae Asset Securities

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