<p>&nbsp;</p> <table cellspacing="0" cellpadding="0" hspace="0" vspace="0" align="left"> <tbody> <tr> <td valign="top" align="left" style="padding-top:0in;padding-right:9.0pt;&#10; padding-bottom:0in;padding-left:9.0pt"> <p class="MsoListParagraph" style="margin-top:0in;margin-right:10.3pt;&#10; margin-bottom:6.0pt;margin-left:12.8pt;text-align:justify;text-justify:inter-ideograph;&#10; text-indent:-13.5pt;line-height:13.0pt;mso-line-height-rule:exactly;&#10; mso-list:l0 level1 lfo2;mso-element:frame;mso-element-frame-hspace:9.0pt;&#10; mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><b><span lang="VI" style="font-size: 12pt; color: rgb(0, 32, 96);">ĐỊNH GI&Aacute;</span></b></p> <p class="MsoListParagraph" style="margin-top:0in;margin-right:10.3pt;&#10; margin-bottom:6.0pt;margin-left:12.8pt;text-align:justify;text-justify:inter-ideograph;&#10; text-indent:-13.5pt;line-height:13.0pt;mso-line-height-rule:exactly;&#10; mso-list:l0 level1 lfo2;mso-element:frame;mso-element-frame-hspace:9.0pt;&#10; mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><!--[if !supportLists]--><span lang="VI" style="font-family: Wingdings;">&sect;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><b><span lang="VI">BSC khuyến nghị THEO D&Otilde;I cho cổ phiếu DPM với gi&aacute; mục ti&ecirc;u 63,100 VNĐ/CP </span></b><span lang="VI">cho năm 2022, tương đương với upside 26% so với gi&aacute; đ&oacute;ng cửa ng&agrave;y 04/07/2022 dựa tr&ecirc;n phương ph&aacute;p P/E với tỉ lệ mục ti&ecirc;u l&agrave; 4.5x.<o:p></o:p></span></p> <p class="MsoNormal" style="margin-top:0in;margin-right:10.3pt;margin-bottom:&#10; 6.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;&#10; line-height:13.0pt;mso-line-height-rule:exactly;mso-element:frame;mso-element-frame-hspace:&#10; 9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><b><span lang="VI" style="font-size:12.0pt;mso-bidi-font-size:14.0pt;&#10; mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;color:#002060">DỰ B&Aacute;O KẾT QUẢ KINH DOANH<o:p></o:p></span></b></p> <p class="MsoListParagraph" style="margin-top:0in;margin-right:10.3pt;&#10; margin-bottom:0in;margin-left:15.8pt;margin-bottom:.0001pt;mso-add-space:&#10; auto;text-align:justify;text-justify:inter-ideograph;text-indent:-14.2pt;&#10; mso-list:l1 level1 lfo3;mso-element:frame;mso-element-frame-hspace:9.0pt;&#10; mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><!--[if !supportLists]--><span lang="VI" style="mso-bidi-font-size:10.0pt;&#10; line-height:107%;font-family:Wingdings;mso-fareast-font-family:Wingdings;&#10; mso-bidi-font-family:Wingdings">&sect;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="VI" style="line-height: 107%;">BSC dự b&aacute;o <b>DTT v&agrave; LNST năm</b></span><b><span lang="VI" style="mso-bidi-font-size:&#10; 10.0pt;line-height:107%;mso-bidi-font-family:Calibri;mso-bidi-theme-font:&#10; minor-latin"> 2022 của DPM lần lượt đạt đạt 20,182 tỷ VND (+58% YoY)</span></b><span lang="VI" style="mso-bidi-font-size:10.0pt;line-height:107%;mso-bidi-font-family:&#10; Calibri;mso-bidi-theme-font:minor-latin"> v&agrave; <b>5,548 tỷ VND (+78% YoY)</b>. EPS 2022F = 14,032 VND (+81%YoY) v&agrave; P/E fw= 3.5 Dựa tr&ecirc;n giả định: <o:p></o:p></span></p> <p class="MsoNormal" style="margin-top:0in;margin-right:10.3pt;margin-bottom:&#10; 6.0pt;margin-left:29.75pt;text-align:justify;text-justify:inter-ideograph;&#10; line-height:13.0pt;mso-line-height-rule:exactly;mso-element:frame;mso-element-frame-hspace:&#10; 9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><b><span lang="VI">(1)</span></b><span lang="VI"> Gi&aacute; b&aacute;n Ure trung b&igrave;nh năm 2022 đạt 14,644 VND/kg (+25% YoY); </span><b><span lang="VI" style="font-size:12.0pt;mso-bidi-font-size:14.0pt;mso-bidi-font-family:&#10; Calibri;mso-bidi-theme-font:minor-latin;color:#002060"><o:p></o:p></span></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:10.3pt;margin-bottom:&#10; 6.0pt;margin-left:29.75pt;text-align:justify;text-justify:inter-ideograph;&#10; line-height:13.0pt;mso-line-height-rule:exactly;mso-element:frame;mso-element-frame-hspace:&#10; 9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><b><span lang="VI">(2)</span></b><span lang="VI"> Sản lượng Ure ti&ecirc;u thụ đạt 865 ngh&igrave;n tấn (+15.5% YoY); </span><b><span lang="VI" style="font-size:12.0pt;mso-bidi-font-size:14.0pt;mso-bidi-font-family:Calibri;&#10; mso-bidi-theme-font:minor-latin;color:#002060"><o:p></o:p></span></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:10.3pt;margin-bottom:&#10; 6.0pt;margin-left:29.75pt;text-align:justify;text-justify:inter-ideograph;&#10; line-height:13.0pt;mso-line-height-rule:exactly;mso-element:frame;mso-element-frame-hspace:&#10; 9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><b><span lang="VI">(3)</span></b><span lang="VI"> Bi&ecirc;n lợi nhuận gộp cải thiện l&ecirc;n mức 41% <i>(so với mức nền cao năm 2021 đạt 37%).</i></span><b><span lang="VI" style="font-size:12.0pt;mso-bidi-font-size:14.0pt;mso-bidi-font-family:&#10; Calibri;mso-bidi-theme-font:minor-latin;color:#002060"><o:p></o:p></span></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:10.3pt;margin-bottom:&#10; 6.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;&#10; line-height:13.0pt;mso-line-height-rule:exactly;mso-element:frame;mso-element-frame-hspace:&#10; 9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><b><span lang="VI" style="font-size:12.0pt;mso-bidi-font-size:14.0pt;&#10; mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;color:#002060">QUAN ĐIỂM ĐẦU TƯ<o:p></o:p></span></b></p> <p class="MsoListParagraph" style="margin-top:0in;margin-right:10.3pt;&#10; margin-bottom:6.0pt;margin-left:13.0pt;text-align:justify;text-justify:inter-ideograph;&#10; text-indent:-13.0pt;line-height:13.0pt;mso-line-height-rule:exactly;&#10; mso-list:l0 level1 lfo2;tab-stops:150.7pt;mso-element:frame;mso-element-frame-hspace:&#10; 9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><!--[if !supportLists]--><span lang="VI" style="mso-bidi-font-size:10.0pt;&#10; font-family:Wingdings;mso-fareast-font-family:Wingdings;mso-bidi-font-family:&#10; Wingdings">&sect;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="VI">Gi&aacute; b&aacute;n duy tr&igrave; ở mức cao so với c&ugrave;ng kỳ v&agrave; sản lượng kinh doanh tăng trưởng t&iacute;ch cực;<o:p></o:p></span></p> <p class="MsoListParagraph" style="margin-top:0in;margin-right:10.3pt;&#10; margin-bottom:6.0pt;margin-left:13.0pt;text-align:justify;text-justify:inter-ideograph;&#10; text-indent:-13.0pt;line-height:13.0pt;mso-line-height-rule:exactly;&#10; mso-list:l0 level1 lfo2;tab-stops:150.7pt;mso-element:frame;mso-element-frame-hspace:&#10; 9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><!--[if !supportLists]--><span lang="VI" style="mso-bidi-font-size:10.0pt;&#10; font-family:Wingdings;mso-fareast-font-family:Wingdings;mso-bidi-font-family:&#10; Wingdings">&sect;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="VI">Yếu tố cần theo d&otilde;i chưa được đưa v&agrave;o định gi&aacute;: Khoản ho&agrave;n thuế VAT khi luật sửa đổi;<o:p></o:p></span></p> <p class="MsoListParagraph" style="margin-top:0in;margin-right:10.3pt;&#10; margin-bottom:6.0pt;margin-left:13.0pt;text-align:justify;text-justify:inter-ideograph;&#10; text-indent:-13.0pt;line-height:13.0pt;mso-line-height-rule:exactly;&#10; mso-list:l0 level1 lfo2;tab-stops:150.7pt;mso-element:frame;mso-element-frame-hspace:&#10; 9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><!--[if !supportLists]--><span lang="VI" style="mso-bidi-font-size:10.0pt;&#10; font-family:Wingdings;mso-fareast-font-family:Wingdings;mso-bidi-font-family:&#10; Wingdings">&sect;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="VI">Doanh nghiệp duy tr&igrave; trả cổ tức tiền mặt đều đặn h&agrave;ng năm với tỉ lệ chi trả cao.<o:p></o:p></span></p> <p class="MsoNormal" style="margin-top:0in;margin-right:10.3pt;margin-bottom:&#10; 6.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;&#10; line-height:13.0pt;mso-line-height-rule:exactly;tab-stops:150.7pt;mso-element:&#10; frame;mso-element-frame-hspace:9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:&#10; page;mso-element-anchor-horizontal:margin;mso-element-left:-18.25pt;&#10; mso-element-top:21.55pt;mso-height-rule:exactly"><b><span lang="VI" style="font-size:12.0pt;mso-bidi-font-size:14.0pt;mso-bidi-font-family:Calibri;&#10; mso-bidi-theme-font:minor-latin;color:#002060">RỦI RO </span></b><b><span lang="VI" style="font-size:14.0pt;mso-bidi-font-family:Calibri;mso-bidi-theme-font:&#10; minor-latin;color:#002060">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p></span></b></p> <p class="MsoListParagraph" style="margin-top:0in;margin-right:10.3pt;&#10; margin-bottom:6.0pt;margin-left:13.9pt;text-align:justify;text-justify:inter-ideograph;&#10; text-indent:-13.9pt;line-height:115%;mso-list:l2 level1 lfo1;mso-element:&#10; frame;mso-element-frame-hspace:9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:&#10; page;mso-element-anchor-horizontal:margin;mso-element-left:-18.25pt;&#10; mso-element-top:21.55pt;mso-height-rule:exactly"><!--[if !supportLists]--><span lang="VI" style="line-height: 115%; font-family: Wingdings;">&sect;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="VI" style="line-height: 115%;">Gi&aacute; kh&iacute; đầu v&agrave;o tăng nhanh hơn dự b&aacute;o v&agrave; gi&aacute; b&aacute;n giảm mạnh hơn dự b&aacute;o;<o:p></o:p></span></p> <p class="MsoListParagraph" style="margin-top:0in;margin-right:10.3pt;&#10; margin-bottom:6.0pt;margin-left:13.9pt;text-align:justify;text-justify:inter-ideograph;&#10; text-indent:-13.9pt;line-height:13.0pt;mso-line-height-rule:exactly;&#10; mso-list:l2 level1 lfo1;mso-element:frame;mso-element-frame-hspace:9.0pt;&#10; mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><!--[if !supportLists]--><span lang="VI" style="font-family: Wingdings;">&sect;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="VI">Gi&aacute; ph&acirc;n b&oacute;n cao th&uacute;c đẩy n&ocirc;ng d&acirc;n tiết giảm b&oacute;n ph&acirc;n khiến cầu nội địa phục hồi chậm; <o:p></o:p></span></p> <p class="MsoListParagraph" style="margin-top:0in;margin-right:10.3pt;&#10; margin-bottom:6.0pt;margin-left:13.9pt;text-align:justify;text-justify:inter-ideograph;&#10; text-indent:-13.9pt;line-height:13.0pt;mso-line-height-rule:exactly;&#10; mso-list:l2 level1 lfo1;mso-element:frame;mso-element-frame-hspace:9.0pt;&#10; mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><!--[if !supportLists]--><span lang="VI" style="font-family: Wingdings;">&sect;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="VI">C&ocirc;ng suất nh&agrave; m&aacute;y NPK đạt hiệu suất thấp hơn v&agrave; gi&aacute; b&aacute;n giảm so với dự b&aacute;o.<o:p></o:p></span></p> <p class="MsoNormal" style="margin-top:0in;margin-right:10.3pt;margin-bottom:&#10; 6.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;&#10; line-height:13.0pt;mso-line-height-rule:exactly;mso-element:frame;mso-element-frame-hspace:&#10; 9.0pt;mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><b><span lang="VI" style="font-size:12.0pt;mso-bidi-font-size:14.0pt;&#10; mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;color:#002060">CẬP NHẬT DOANH NGHIỆP<o:p></o:p></span></b></p> <p class="MsoListParagraph" style="margin-top:0in;margin-right:10.3pt;&#10; margin-bottom:6.0pt;margin-left:13.6pt;text-align:justify;text-justify:inter-ideograph;&#10; text-indent:-13.6pt;line-height:13.0pt;mso-line-height-rule:exactly;&#10; mso-list:l2 level1 lfo1;mso-element:frame;mso-element-frame-hspace:9.0pt;&#10; mso-element-wrap:around;mso-element-anchor-vertical:page;mso-element-anchor-horizontal:&#10; margin;mso-element-left:-18.25pt;mso-element-top:21.55pt;mso-height-rule:&#10; exactly"><!--[if !supportLists]--><span lang="VI" style="font-family: Wingdings;">&sect;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><b><span lang="VI">DTT v&agrave; LNST của DPM trong Q1/2022 lần lượt đạt 5,829 tỷ VND (+254 %YoY) v&agrave; 2,126 tỷ VND gấp 12 lần svck nhờ:</span></b><span lang="VI"> (1) gi&aacute; b&aacute;n b&igrave;nh qu&acirc;n tăng mạnh hơn so với mức tăng của chi ph&iacute; kh&iacute; đầu v&agrave;o v&agrave; (2) sản lượng xuất khẩu khả quan với gi&aacute; b&aacute;n cao.<o:p></o:p></span></p> <p class="MsoListParagraph" style="margin: 0in 10.3pt 6pt 13.6pt; text-align: justify; text-indent: -13.6pt; line-height: 13pt;"><span lang="VI" style="font-family: Wingdings;">&sect;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;</span></span><span lang="VI"><b>DPM điều chỉnh kế hoạch 2022: (1)</b>&nbsp;DTT v&agrave; LNST lần lượt l&agrave; 17,239 tỷ VND (+4% YoY) v&agrave; 3,473 tỷ VND (+9% YoY); <b>(2)</b> sản lượng Ure v&agrave; NPK lần lượt l&agrave; 865 ngh&igrave;n tấn (+4%YoY) v&agrave; 165 ngh&igrave;n tấn (+2%YoY) v&agrave; (3) n&acirc;ng kế hoạch cổ tức năm 2021 từ mức 10% l&ecirc;n 50% v&agrave; duy tr&igrave; cổ tức tiền mặt năm 2022 với tỷ lệ 50%.</span></p> </td> </tr> </tbody> </table>

Trong bối cảnh thị trường chứng khoán vẫn chưa xác nhận được xu hướng đi lên, nhà đầu tư nước ngoài đã có tháng thứ 3 mua ròng liên tiếp, tuy nhiên giá trị đang trên đà giảm dần.