DBC – Update – Cost pressures to compress margins in 2026-27
Posted: May 4, 2026
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1Q26 NPAT came in at VND 374 bn (-26.4% yoy), amid slightly lower hog prices at VND 69,790/kg (-2.7% yoy) and higher feed costs.
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The 2026-2027 outlook is expected to be less favorable for DBC due to elevated feed costs. Accordingly, we forecast net profit to decline by 35.2% yoy in 2026 before a modest recovery in 2027.
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HOLD recommendation with a target price of VND 25,500/share.
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