- DCM posted Q3 2022 results with revenue of VND3.3tn (USD135mn; +82.5% YoY) and NPAT-MI of VND715bn (USD29mn; +89.7% YoY). These robust results were driven by 1) a 35.5% YoY increase in average urea price and 2) 28.6% YoY increase in urea sales volume (per our estimates), which outweighed an 11.9% increase in input gas price.

- Compared to Q2 2022, NPAT-MI dropped 31.2% QoQ as ASP fell 15% QoQ and urea sales volume was flat QoQ because DCM focused on exports during a low season for the domestic market. We note that DCM allocated VND85bn (USD3.5mn) into its science fund in Q3 2022 (under G&A).