- 116 shareholders (representing 71.8% of total outstanding shares) attended DPM’s AGM on June 27. The meeting discussed the company’s business guidance for 2023, the outlook for urea prices, the input gas supply outlook, DPM’s proposal to raise its charter capital, and potential long-term chemical and petrochemical projects.

- Shareholders approved 2023 guidance for revenue of VND17.4tn (USD736mn; -6.7% YoY) and NPAT of VND2.3tn (USD95mn; -59.7% YoY). DPM’s 2023 revenue and NPAT guidance represent 150.7% and 170.8% of our respective full-year forecasts.

- Shareholders approved a 2023 cash dividend of VND4,000/share (11.4% dividend yield), which is based on projected increased charter capital of VND5,120bn (implying 512 million shares) as stated in the AGM materials. This implies a total cash dividend of ~VND2,048bn — or about 30% higher than the amount implied by our current forecast for DPS of VND4,000 based on current charter capital of VND3,914bn (or 391.4 million shares). In addition, the approved 2022 cash dividend of VND7,000/share (19.9% dividend yield) is in line with our forecast.

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