External broker reports(aggregated public sources), Vietcap

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<ul><li>We maintain our MARKET PERFORM rating for DRC and trim our target price (TP) by 1% to VND33,800/share.</li><li>Our lower TP is due to lowering our aggregate 2024-2030F NPAT-MI forecast by 1%.</li><li>This revision is driven by a 6% reduction in our 2024FNPAT-MI projection, while we broadly maintain our forecasts for 2025-2030F. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our MARKET PERFORM rating for DRC and trim our target price (TP) by 1% to VND33,800/share.Our lower TP is due to lowering our aggregate 2024-2030F NPAT-MI forecast by 1%.This revision is driven by a 6% reduction in our 2024FNPAT-MI projection, while we broadly maintain our forecasts for 2025-2030F. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Drc - Radial Tire Sales Growth on Track, Higher Logistics Costs

<ul><li>We maintain our MARKET PERFORM rating for DRC and trim our target price (TP) by 1% to VND33,800/share.</li><li>Our lower TP is due to lowering our aggregate 2024-2030F NPAT-MI forecast by 1%.</li><li>This revision is driven by a 6% reduction in our 2024FNPAT-MI projection, while we broadly maintain our forecasts for 2025-2030F.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our MARKET PERFORM rating for DRC and trim our target price (TP) by 1% to VND33,800/share.Our lower TP is due to lowering our aggregate 2024-2030F NPAT-MI forecast by 1%.This revision is driven by a 6% reduction in our 2024FNPAT-MI projection, while we broadly maintain our forecasts for 2025-2030F.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DRC VN - Radial Tire Sales Growth on Track, Higher Logistics Costs

External broker reports(aggregated public sources), Rong Viet Securities

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<ul><li>Q1/2023 consolidated by -42.3% YoY to VND115 Bn (or USD4.9 Mn), equivalent to a gross margin of 10.3%, explained by lower selling prices and expensive input costs.</li><li>Although the company enjoyed lower SG&amp;A/sales ratio thanks to softened logistics costs, it could not help to compensate.</li><li>Consequently, Q1/2023 NPAT-MI was VND25 bn (or USD1.1 mn; 61.4% YoY).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q1/2023 consolidated by -42.3% YoY to VND115 Bn (or USD4.9 Mn), equivalent to a gross margin of 10.3%, explained by lower selling prices and expensive input costs.Although the company enjoyed lower SG&amp;A/sales ratio thanks to softened logistics costs, it could not help to compensate.Consequently, Q1/2023 NPAT-MI was VND25 bn (or USD1.1 mn; 61.4% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DRC - Raw material costs reduction is the key

<ul><li>Q3/2022 consolidated net revenue reached VND1,353 Bn (or USD 58 Mn, +45.6% YoY), driven by high double-digit growth of the export channel.</li><li>Gross margin improved by +249 bps YoY to 16.9% thanks to rising average selling prices (ASP) and higher contribution from domestic radial sales.</li><li>Compared to Q3/2021, DRC does not bear expenses related to Covid-19 pandemic, resulting in a lower SG&amp;A/sales ratio, leading Q3/2022 NPAT-MI to arrive at VND77 bn (or USD3.3 Mn, +128.6% YoY).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q3/2022 consolidated net revenue reached VND1,353 Bn (or USD 58 Mn, +45.6% YoY), driven by high double-digit growth of the export channel.Gross margin improved by +249 bps YoY to 16.9% thanks to rising average selling prices (ASP) and higher contribution from domestic radial sales.Compared to Q3/2021, DRC does not bear expenses related to Covid-19 pandemic, resulting in a lower SG&amp;A/sales ratio, leading Q3/2022 NPAT-MI to arrive at VND77 bn (or USD3.3 Mn, +128.6% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DRC- Strong sales growth supports profit growth

Vietnam

Danang Rubber JSC manufactures vehicle tires.  The Company produces tires for bicycles, motorcycles, automobiles, and trucks.

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Danang Rubber JSC (DRC VN)

Drc - Radial Tire Sales Growth on Track, Higher Logistics Costs

We maintain our MARKET PERFORM rating for DRC and trim our target price (TP) by 1% to VND33,800/share.Our lower TP is due to lowering our aggregate...

Vietcap

DRC VN - Radial Tire Sales Growth on Track, Higher Logistics Costs

We maintain our MARKET PERFORM rating for DRC and trim our target price (TP) by 1% to VND33,800/share.Our lower TP is due to lowering our aggregate...

Vietcap

DRC - Raw material costs reduction is the key

Q1/2023 consolidated by -42.3% YoY to VND115 Bn (or USD4.9 Mn), equivalent to a gross margin of 10.3%, explained by lower selling prices and...

Rong Viet Securities

DRC- Strong sales growth supports profit growth

Q3/2022 consolidated net revenue reached VND1,353 Bn (or USD 58 Mn, +45.6% YoY), driven by high double-digit growth of the export channel.

Rong Viet Securities

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