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DPM ?" 1-H result comment
Analyst ?"Truong Thu My
DPM - Company update
VND mil
Source: DPM?Ts financial statement and 2008 plan & HSC?Ts estimation
Investment conclusion - DPM announced impressive 1-H results with revenue and profit accounting for 65.2% and 70.2% of the respective full-year targets. We see the company is on course to exceed FY2008 targets. With a forward P/E of 9.7 DPM is too good to ignore.
We met DPM?Ts Deputy Financial Manager, Mr. Vo Ngoc Chuyen yesterday to discuss DPM?Ts 1-H results and prospects for the rest of FY2008.
In 1-H/2008 DPM?Ts revenue came in at VND3.1 trillion while post-tax profit
was reported at around VND1 trillion, resulting in a post-tax margin of 32.3%. The company met 65.2% of its full year sales target and 70.2% of its full year target for post-tax profit. Unfortunately we don?Tt have comparative
numbers for 1-H last year.
For the first half of FY2008, the company has sold 300,000 ton of in-house urea and 86.000 ton of imported fertilizers among the total amount of 160,000 tons that it imported during the time. In-house urea contributed about 68% of 1-H FY2008 revenue, imported fertilizers made approximately
28%, and ammonia made about 3.5%.
In sympathy with the global urea prices which has been soared from US$350 per ton in January FY2008 to the current price of US$650 per ton, DPM?Ts in-house urea prices has run from VND4,900 per kilo in the beginning
of the year to the current price of VND8,500 per kilo. DPM?Ts in-house urea is priced using the following formula: P = (FOB+F+C) x (100%±r) x 1.05.
In which:
P: Selling price at factory gate
FOB: Free on board price of imported urea
F: Freight of imported urea
C: Custom Clearance Fees
r: Adjustment factor ranging from 1% - 5%
FY2004FY2005FY2006FY2007FY2008PQ1 20081-H/2008as % of 2008PFY2008ESales469,615 2,537,555 3,050,829 3,803,913 4,754,000 1,221,880 3,100,000 65.2%7,500,000 Growthn/a440%20%25%25%97%Pre-tax Profit146,024 791,819 1,161,497 1,320,927 1,540,000 425,500 - Growthn/a442%47%14%17%CITn/an/an/an/**.5%7.5%7.5%7.5%Post-tax profit146,024 791,819 1,161,497 1,320,796 1,424,500 393,588 1,000,000 70.2%2,000,000 Growthn/a442%47%14%8%51%Profitability Ratios Pre-tax Margin31.1%31.2%38.1%34.7%32.4%34.8%0.0% Post-tax Margin31.1%31.2%38.1%34.7%30.0%32.2%32.3%