External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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<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>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 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

<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 is a leading Vietnamese manufacturer specializing in the production and sale of various tire and inner tube products. Their offerings include tires for motorcycles, bicycles, trucks, light trucks, agricultural machinery, and off-the-road (OTR) vehicles, as well as technical rubber products. The company is headquartered in Da Nang, Vietnam, and was founded in 1975.

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Danang Rubber (DRC VN)

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

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.

Vietcap

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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