#DamCau #DCM #Petroleum Fertilizer #Urea #DCM Stocks #Agriculture #Enterprise #Stocks #Petrovietnam #TimKiemTop
A fertilizer business profited nearly 800 billion VND in just 3 months, is this a golden opportunity or a peak that makes investors easily trapped?
Ca Mau Petroleum Fertilizer Joint Stock Company, stock code DCM, just had an extremely breakthrough first quarter of 2026 when profit after tax reached 789 billion VND, an increase of 91 percent over the same period. The main driving force comes from sharp increases in global urea prices, accelerated exports and marked improvement in profit margins
Business results for the first quarter of 2026
Value Indicator
Net revenue is 5,286 billion VND
55 percent revenue growth
Profit after tax is 789 billion VND
91 percent profit growth
Profit from business activities is 816 billion VND
Urea export 177,000 tons
Urea export revenue is 1,866 billion VND
Urea export gross profit margin 41 percent
The most notable point is the urea export segment. In the context of world supply disruptions in Russia and the Middle East, DCM quickly took advantage of the opportunity to boost export output.
Urea export becomes a growth engine
Urea export output reached 177,000 tons, up 19 percent over the same period. Urea export revenue reached 1,866 billion VND, an increase of 34 percent.
Gross profit margin of the urea export segment increased to 41 percent, higher than 36 percent in the same period last year. This is a very strong improvement, showing that DCM not only sells more but also sells with a profit margin더 나은.
NPK와 비료 무역 함께 가속화
사업부문 뛰어난 성과
Urea exported 177,000 tons, revenue 1,866 billion VND
NPK 수익 8,150억 VND, 56% 증가
NPK 생산량 47% 증가
NPK 매출총이익률 16%
Fertilizer products Revenue was 1,489 billion VND, nearly 6 times higher
The NPK segment showed positive signs when both revenue and output increased sharply. Meanwhile, fertilizer trade is booming, helping DCM have a large source of revenue outside of traditional products.
DCM has gone very fast compared to the year's plan
미래에셋에 따르면 DCM은 올해 1분기 만에 요소수 수출 계획의 69%, 올해 수익 계획의 67%를 완료했다.
이는 매우 빠른 계획 실행 속도로, 국제 요소 가격이 계속해서 유리한 지역에 안착할 경우 사업이 목표를 초과할 수 있다는 기대를 불러일으킵니다.
Forecast for 2026
예측기준 가치
요소 소비량은 837,000톤
예상 수익은 18조 4,650억 VND입니다.
11% 수익 성장
세후 예상 이익은 1조 9,690억 VND입니다.
Target price of DCM stock is 47,000 VND per share
5월 15일 시장가는 주당 43,750VND였습니다.
Market capitalization More than 23,161 billion VND
미래에셋은 DCM에 대해 보유 의견을 유지했지만 목표주가는 현재 시장가보다 약 7% 높은 주당 47,000VND으로 상향 조정했다.
동종 업계 기업과 비교
Business Highlights
Ca Mau Fertilizer is strong in urea, exports are increasing rapidly, benefiting from global urea prices
Phu My Fertilizer Big brand, long-standing production foundationm, 요소 부문의 직접적인 경쟁
Binh Dien Manh about NPK and mixed fertilizers
Lam Thao has a long history in inorganic fertilizers
Super Phosphates and Chemicals Lam Thao Associated with phosphate fertilizers and traditional agricultural products
DCM의 가장 주목할만한 경쟁자는 푸미비료(Phu My Fertilizer)이다. 왜냐하면 이 제품은 동일한 석유비료 그룹에 속하고 요소 부문에서 직접 경쟁하기 때문이다. Meanwhile, Binh Dien puts pressure on the NPK segment, especially when the demand for mixed fertilizers is increasing.
Capacity expansion plan
DCM is preparing to increase factory capacity to 125 percent of design capacity. Total investment capital is expected to be about 800 to 1,000 billion VND.
이 프로젝트는 2026년 말에 건설을 시작하여 2027년 3분기에 완료될 것으로 예상됩니다. 동시에 기업은 물류를 최적화하고 장기적인 수출입 역량을 높이기 위해 Nhon Trach 항구에 투자합니다.
Risks cannot be ignored
Although business results are impressive, the domestic market still has short-term pressure. Low agricultural prices and high agricultural input costs could weaken domestic fertilizer demand in the next few months.
DCM 주가도 주당 4만~5만동 범위에서 크게 흔들리고 있어 기대감이 가격에 부분적으로 반영된 모습이다.
검토
DCM is entering a period of clear benefit from the global urea price cycle. Strong profits, booming exports and plans to expand capacity show that the business has a remarkable growth foundation.
However, the hot spot is that profits currently depend largely on international urea prices. If prices reverse or domestic demand continues to be weak,이익 마진이 다시 압박을 받을 수 있습니다.
이때의 투자자들은 DCM을 단지 갑작스러운 이익 수치만 보고 서둘러 매수할 것이 아니라 탄탄한 기반을 갖춘 순환주로 바라볼 필요가 있다.
DCM이 아직 주당 50,000VND를 넘을 여지가 있다고 생각하시나요? 아니면 이미 투자자들을 쉽게 흔드는 가격대인가요?
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