- We reiterate our BUY rating for DGC despite trimming our target price (TP) by 4% to VND104,000/share.

- We cut our 2024F/25F/26F core EBITDA by 13%/8%/3% mainly due to our lower sales volume assumptions. However, this is offset by an increase in our target EV/EBITDA from 6.5x to 7.0x.

- Industry association SEMI forecasts global semiconductor sales to jump 12% YoY in 2024. In addition, the depleting inventory of chip makers bodes well for chip manufacturing and therefore industrial phosphorus chemicals (IPC) demand going forward. 

- The trailing three-month average of Taiwan Semiconductor Manufacturing’s sales further recovered in December, nearly hitting 2022’s all-time high.

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