We lower projections on DGC’s 2025 net revenue and NPAT-MI from VND12,025 bn to VND10,966 bn and from VND3,959 bn to VND3,441 bn, respectively, reflecting our cautious reduction of over 10% in estimated P4 exports to the US due to President Donald Trump’s 46% tariff, and a 15% decrease in HPO production owing to a weaker-than-anticipated demand recovery. Moreover, we are prudently reducing our target multiple given the market’s pessimism towards high-export revenue companies amid major countries’ tariffs to “protect” local production, and the risk of slower-than-expected legal timelines for new projects. We cut our target price to VND111,300 per share (from VND 129,300 per share) but maintain our OUTPERFORM rating for DGC, citing a +27% upside potential.

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Please find the attached file below.