External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We upgrade our rating for DRC from MARKET PERFORM to OUTPERFORM but cut our target price (TP) by 6% to VND31,700/share.</li><li>A 17% share price decline over the past four months has put the 2025F P/CF at 18.0x, representing a 16% discount vs a 6-year average of 21.3x. </li><li>Our lower TP is due to our 9% lower aggregate 2025-2030F NPAT-MI forecast with respective cuts of 8%/9%/6% in 2025/26/27F and a 10% average cut in 2028-2030F, which is partly offset by the positive impact of rolling our TP horizon forward to end-2025.</li></ul><p><em>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.</em></p>

We upgrade our rating for DRC from MARKET PERFORM to OUTPERFORM but cut our target price (TP) by 6% to VND31,700/share.A 17% share price decline over the past four months has put the 2025F P/CF at 18.0x, representing a 16% discount vs a 6-year average of 21.3x. Our lower TP is due to our 9% lower aggregate 2025-2030F NPAT-MI forecast with respective cuts of 8%/9%/6% in 2025/26/27F and a 10% average cut in 2028-2030F, which is partly offset by the positive impact of rolling our TP horizon forward to end-2025.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 - Resilient Radial Tire Sales Volume to Lead 2025F Earnings - Update

Danang Rubber JSC

DRC - Resilient Radial Tire Sales Volume to Lead 2025F Earnings - Update