Lam Thao Fertilizers & Chemicals JSC (HNX: LAS) is one of the leading producers of phosphate and NPK fertilizers in Vietnam — especially in the northern and central markets. NPK is the company’s largest product segment (contributing 72.2% of 2020 net revenue), followed by phosphate (25.2%), sulfuric acid (0.5%) and others (2.1%). LAS announced a new general director and underwent comprehensive restructuring in 2020. NPAT-MI (before adjustment for bonus & welfare fund contributions) increase