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External broker reports(aggregated public sources)

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Equity Bottom-Up

Petrovietnam Ca Mau Fertilizer / Equity Bottom-Up

<ul><li>We value DCM shares using two methods: discounted cash flow (DCF) and sum of the parts (SoTP), with equal weighting of 50:50.</li><li>The results indicate that DCM's long-term fair price is 34,500 VND/share, which corresponds to the projected P/E ratios of 12.6x for 2025 and 13.1x for 2026.</li><li>By adding a cash dividend of 2,000 VND/share, the total expected profit is set to reach 17%.</li></ul><p><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></p>

We value DCM shares using two methods: discounted cash flow (DCF) and sum of the parts (SoTP), with equal weighting of 50:50.The results indicate that DCM's long-term fair price is 34,500 VND/share, which corresponds to the projected P/E ratios of 12.6x for 2025 and 13.1x for 2026.By adding a cash dividend of 2,000 VND/share, the total expected profit is set to reach 17%.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.

DCM - The Thrust from Selling Price Is Not Strong Enough