We attended DCM’s analyst meeting on November 4, 2020. Overall, management is upbeat about the company’s export outlook, 2020 & 2021 earnings outlook, new NPK plant and the proposed VAT change. 10M 2020 preliminary net profit implies potential upside to our 2020 forecasts. As stated in our Q3 2020 Earnings Flash, dated October 28, 2020, 9M 2020 net profit reached VND457bn (USD20mn; +47.5% YoY), fulfilling 97.2% of our full-year forecast. In addition, DCM announced 10M 2020 net profit of VND485b