DBC MONITORING RECOMMENDATION – CASH FLOW INTO PRODUCTION
16/10/2025
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We recommend MONITORING stock DBC with the following arguments:
▪️ After commissioning the 5,600-sow farm in Thanh Hoa (expected to be completed in 2025), DBC plans to develop two more farms in Thai Nguyen and Hoa Binh, each with a scale of over 5,000 sows. Upon completion, the company's total sow herd is expected to reach approximately 60,000 head, supplying the market with
approximately 1.5 million market hogs annually.
▪️ Input cost structure and tax policy impact on DBC: The government's reduction of import tariffs on corn and soybean meal to 0% significantly helps businesses reduce feed costs, improving profit margins, but this impact is industry-wide and does not create an exclusive advantage for DBC.
▪️ If successful, the vaccine segment could help cut production costs while providing a stable source of profit for DBC.
▪️ We believe DBC's revenue and after-tax profit in 2025 will reach VND 15,000 billion and VND 1,600 billion respectively, thanks to:
(1) Sharply reduced input material prices combined with import tariffs falling to 0%; (2) Potential from
vaccine commercialization; (3) Expanded pig farming projects helping to increase output to meet
domestic and export demand.
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