- DPM announced Q3 2022 results with revenue of VND3.9tn (USD159mn; +37.6% YoY) and NPAT-MI of VND998bn (USD41mn; +61.4% YoY). These robust results were driven by 1) a 23.1% YoY increase in urea ASP (per our estimates) and 2) 2.3% YoY higher urea sales volume (per our estimates), which outweighed a 4.2% YoY increase in input gas prices.

- In Q3 2022, NPAT-MI declined 22.0% QoQ as urea ASP and urea sales volume dropped 14.4% QoQ and 17.2% QoQ, respectively. Q3 2022 sales volume was weaker QoQ due to seasonality.

- DPM recorded revenue of VND14.7tn (USD601mn; +91.3% YoY) and NPAT-MI of VND4.4tn (USD181mn; +252.6% YoY) in 9M 2022, which completed 87.1% and 100.9% of our respective full-year forecasts and beat our expectations.

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