- DCM released Q2 2022 results with revenue of VND4.1tn (USD178mn; +72.8% YoY) and NPAT-MI of VND1tn (USD45mn; +267.7% YoY). These robust results were mainly driven by urea prices surging 79.0% YoY, which outweighed a 6.6% YoY sales volume decline and 52.0% YoY input gas cost hike. 

- Compared to Q1 2022, NPAT-MI dropped 31.5% QoQ as the average urea price dropped 2.8% QoQ and sales volume decreased 20.5% QoQ. We note that DCM allocated another VND122bn (USD5mn) of expenses for its science fund in Q2 2022.

- H1 2022 revenue and NPAT-MI rose 92.6% YoY and 488.9% YoY, respectively. These figures completed 61.5% and 95.5% of our corresponding full-year forecasts and beat our expectations.

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