Robust Capital Structure
As of Q3 2025, DPM’s total debt reached VND 4,642 billion, a 36% increase compared to the end of 2024, pushing the Debt-to-Equity (D/E) ratio to 40.9%, up from 30.6% in 2024. Despite the rise in debt, DPM’s financial leverage remains within a safe range. A robust capital structure, coupled with effective debt management, ensures the company maintains operational flexibility and is well-positioned to capitalize on future growth opportunities.
DPM’s Debt Scale and D/E Ratio from 2021 to Q3/2025
(Unit: Billion VND, %)
Source: Vietstock
New Tax Policy Fuels Growth Momentum
Effective July 1, 2025, fertilizers will be subject to a 5% output VAT under the amended VAT Law, allowing businesses to offset input VAT, reduce costs, and enhance profitability. DPM is poised to benefit significantly, as its primary input—natural gas—qualifies for VAT refunds, lowering costs compared to previous years. This new tax policy not only boosts profit margins but also provides additional resources for long-term expansion and competitive edge enhancement.
National Assembly delegates voting to approve the amended VAT Law.
Source: Vietnam Financial Times
Stock Valuation
Using a combination of Market Multiple Models (P/E, P/B) and the Dividend Discount Model (DDM) with equal weighting, DPM’s fair value is estimated at VND 26,839 per share. At current market prices, DPM presents an attractive long-term investment opportunity.
Enterprise Analysis Department, Vietstock Advisory Division
– 08:30 28/11/2025
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