Company Insight

Duc Giang Chemicals Group JSC (DGC) is one of the leading enterprises in the field of industrial chemicals in Vietnam and yellow phosphorus is the main product. In 2023, net profit reached VND 3,250 bn (-40% YoY) due to a sharp decline in P4 prices. Excluding 2022, which saw a sudden surge in demand worldwide, 2023 was a relatively successful year for DGC, with profits ranking second in the company's history. In 2024, we believe that DGC's profits will grow by around 18%, thanks to the stability of the fertilizer segment and the reduction of production costs. From mid-2025 onwards, the Nghi Son project will be a long-term growth driver for DGC. Based on DCF method, we update DGC’s target price at VND 99,000.