Dragon Capital increases stake in DPG to over 11%

Dragon Capital’s foreign funds group approved two funds to purchase a total of 162,000 DPG shares on April 9. Norges Bank bought 150,000 shares, while Samsung Vietnam Securities Master Investment Trust [Equity] bought 12,000 shares.

After the transactions, Dragon Capital increased its holding of Dat Phuong Group Joint Stock Company (DPG) from more than 12.99 million shares (10.9567% of DPG’s charter capital) to nearly 13.16 million shares (11.0933%).

DPG sets 2026 business targets

DPG recently announced its 2026 plan with a revenue target of VND 8.5 trillion, up 79% versus the 2025 plan and up 74% versus 2025 results. Net profit after tax after minority interests is targeted at VND 455 billion, up 60% versus the 2025 plan and up 33% versus 2025 results.

VCSC said these figures correspond to 135% of VCSC’s revenue forecast and 58% of VCSC’s forecast for net profit after tax after minority interests.

VCSC’s assessment of the plan

VCSC noted that the higher revenue plan versus its forecast reflects DPG’s expectation of strong growth in the construction segment, which is projected to be more than 60% higher than VCSC’s forecast. VCSC also said the PV glass manufacturing plant is expected to begin operations in 2026, helping offset slower sales progress at the Casamia Balance project.

On profitability, VCSC said DPG’s net profit after tax forecast is lower than VCSC’s primarily because DPG uses more conservative assumptions for profits recognized from the Casamia Balanca project, with a net margin of 8%. VCSC added that revenue and net profit from this project are respectively only about 77% and 21% of VCSC’s forecast, offsetting the positive impact from higher construction-segment profits.

Dividend outlook

VCSC also pointed to a dividend policy that is generally lower than its forecast. DPG proposes a cash dividend of 600 dong per share for 2025, which is 40% lower than VCSC’s forecast. For 2026, DPG plans cash dividends in the range of 500–1,000 dong per share, compared with VCSC’s forecast of 1,000 dong per share.

PV glass plant timeline and output targets

DPG’s PV glass plant construction is planned to complete the construction phase by May 2026, start the furnace in August 2026, and complete equipment installation by September 2026. The plant is expected to undergo testing and commence operations in October 2026, earlier than VCSC’s current forecast of 2027.

For 2026, the project is expected to achieve total glass output of about 5.17 million m2, including 3.01 million m2 for building glass and 2.16 million m2 for PV glass.

VCSC said expanding the building glass segment is intended to optimize operations while waiting for the necessary quality certifications for PV glass. For this project, DPG targets 2026 revenue of VND 266 billion and a net loss of VND 39 billion.

Other projects and forecast risks

For other projects including Dong Na Hotel, Dien Loc Industrial Park, and the Phu Hai South urban area, VCSC said legal procedures, design, and land clearance are ongoing. VCSC sees risks of downward revisions to 2026 profit forecasts due to lower profitability at the Casamia Balanca project, though it said a more detailed assessment is required.

Broker view and share performance

VCSC maintained a “Buy” recommendation on DPG with a target price of VND 48,700 per share. At the close on April 13, DPG shares rose 3.39% to VND 44,200 per share.