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

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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