Diversification of prospects for listed chemical enterprises

Both are listed chemical companies, while businesses that indirectly benefit from the electric vehicle incentive policy are being focused on by investors, businesses that supply chemicals to serve the industry are not being paid attention to.

Pinaco shares rise on hopeful story

The plan to limit gasoline vehicles in big cities and the policy to support the conversion of electric vehicles has boosted the expectation of benefit for enterprises manufacturing and supplying products for the electric vehicle industry value chain. In fact, on the stock exchange, the story of benefit is only focused on a few supporting units for the industry such as Create Capital Vietnam Joint Stock Company (code CRC) with a capacity of 300,000 Lithium battery products for electric vehicles; Southern Battery Joint Stock Company (Pinaco, code PAC) supplying batteries for electric vehicle systems...

At Pinaco, from July 11 to July 18, PAC shares increased by 34.3%, from VND23,000 to VND30,900/share. In the last 5 trading sessions, this stock has increased to the ceiling price in 4 trading sessions. Previously, at the 2025 General Meeting of Shareholders, Pinaco said that for VinFast , Pinaco is the exclusive supplier of batteries used for vehicle control systems, with current sales of over VND100 billion, double that of 2024.

In fact, by the end of the first half of 2025, Pinaco's contribution to sales of batteries used for vehicle control systems for VinFast was very modest, accounting for an insignificant proportion, and Pinaco's business situation was still focused on supplying batteries for gasoline vehicles, especially replacement batteries.

According to research, Pinaco is facing problems such as 70% of consumed products related to replacement products, heavily dependent on dealers and car repair shops; the factory in Dong Nai had its land reclaimed on December 31, 2025, the Company must deploy the construction of a new factory with a scale of 6.5 hectares, 1.3 million kWh/year, total investment capital of 1,056.8 billion VND. As of June 30, 2025, Pinaco only recorded long-term unfinished assets of 17.1 billion VND, so the project to build a new factory is still in the investment policy, without a specific operating time.

Many businesses do not attract cash flow

Besides Pinaco, the stock market also has long-standing listed chemical companies such as Southern Basic Chemicals Joint Stock Company (code CSV), Duc Giang Chemicals Group Joint Stock Company (code DGC)... From July 1 to July 18, the VN-Index increased by 8.7% when a series of stock groups attracted cash flow from securities, banks, real estate..., but CSV shares decreased slightly by 0.7%, while DGC shares only increased by 1.7%.

Plans to limit gasoline vehicles in big cities and policies to support electric vehicle conversion have boosted expectations of benefits for manufacturing and supplying enterprises for the electric vehicle industry value chain.

It is known that yellow phosphorus is the main revenue contributor for Duc Giang Chemical Group, besides real estate and caustic soda sectors. Nhat Viet Securities Joint Stock Company commented that the yellow phosphorus sector is expected to grow steadily in major markets such as China, Japan, and the US, at a rate of 3-5%/year, the price of yellow phosphorus is no longer increasing dramatically, so this sector is expected to enter a stable phase.

Meanwhile, Southern Basic Chemicals Joint Stock Company focuses on three main areas including caustic soda - chlorine (main revenue and profit), phosphorus and sulfur. The relocation of the complex of three factories in Bien Hoa 1 Industrial Park, including Bien Hoa Chemical, Dong Nai Chemical and Tan Binh 2 Chemical, to Nhon Trach 6 Industrial Park is also affecting the production capacity of the Company.

SHS Securities Joint Stock Company forecasts that in the period of 2024 - 2025, the demand for caustic soda is expected to be 450,000 tons/year (domestic capacity is only 230,000 tons/year), increasing by 12%/year in the period of 2025 - 2030 based on the average growth rate of the industrial production index, the demand for caustic soda is expected to continue to increase when the Bauxite - Alumina Project is implemented from 2028.

It can be seen that the chemical industry's prospects are diverging. While the business prospects of Southern Basic Chemicals Joint Stock Company are still bright thanks to the shortage of caustic soda, the prospects of Duc Giang Chemical Group will depend on new fields, as well as new projects being invested in. However, in the short term, investors are still cautious with the two stocks DGC and CSV.

Source: https://baodautu.vn/phan-hoa-trien-vong-doanh-nghiep-hoa-chat-niem-yet-tren-san-d338252.html