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Equity Bottom-Up

<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

Thematic (Sector/Industry)

DRC’s 2Q 2018 performance saw an improvement from a low base in 2Q 2017. However, we forecast that no significant breakthroughs would happen in 3Q 2018. Regarding 2018 outlook, NPAT is estimated to increase by 7.1% YoY to VND 178 billion, corresponding to EPS of 1,381 VND/share. Regarding the divestment of Vinachem, we expect that if the potential buyer is a car manufacturer, this event could become a positive driver for market sentiment and support stock price in the short term.We evaluate DRC price at VND 24,300/share and forecast a cash dividend of VND 1,000 per share in the following 12 months, which results in a -2% total return from the closing price on September 5th, 2018. We rate REDUCE for DRC.

DRC’s 2Q 2018 performance saw an improvement from a low base in 2Q 2017. However, we forecast that no significant breakthroughs would happen in 3Q 2018. Regarding 2018 outlook, NPAT is estimated to increase by 7.1% YoY to VND 178 billion, corresponding to EPS of 1,381 VND/share. Regarding the divestment of Vinachem, we expect that if the potential buyer is a car manufacturer, this event could become a positive driver for market sentiment and support stock price in the short term.We evaluate DRC price at VND 24,300/share and forecast a cash dividend of VND 1,000 per share in the following 12 months, which results in a -2% total return from the closing price on September 5th, 2018. We rate REDUCE for DRC.

[Results Update]DRC - Difficult to Reach a Turning Point

DRC stock has depreciated owing to the poor performance of the business in the last two quarters. However, with sales maintaining steady growth, in which radial tires are the main driver, and rubber prices forecasted to stabilize at low price range, we hold the view that the performance of DRC would flourish from Q4 2017.Based on two valuation methods, DCF and PE, with adjustment to the estimation closer to DRC’s actual business results compared to the Company updates on July 14, 2017, we rate N…

DRC stock has depreciated owing to the poor performance of the business in the last two quarters. However, with sales maintaining steady growth, in which radial tires are the main driver, and rubber prices forecasted to stabilize at low price range, we hold the view that the performance of DRC would flourish from Q4 2017.Based on two valuation methods, DCF and PE, with adjustment to the estimation closer to DRC’s actual business results compared to the Company updates on July 14, 2017, we rate N…

[Result Update] DRC - Getting Through Difficult Times

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 - 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

[Results Update]DRC - Difficult to Reach a Turning Point

DRC’s 2Q 2018 performance saw an improvement from a low base in 2Q 2017. However, we forecast that no significant breakthroughs would happen in 3Q...

Rong Viet Securities

[Result Update] DRC - Getting Through Difficult Times

DRC stock has depreciated owing to the poor performance of the business in the last two quarters. However, with sales maintaining steady growth, in...

Rong Viet Securities

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