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Equity Bottom-Up

<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

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

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Opportunity Overview Unlike <a href="https://www.smartkarma.com/entities/53" target="_blank" data-smartkarma-citation="entities:53">Vinacapital Vietnam Opp Fund Limited</a> , which only invests half of its assets in listed equity, <a href="https://www.smartkarma.com/entities/21013" target="_blank" data-smartkarma-citation="entities:21013">Vietnam Holding Ltd</a> focuses exclusively on listed equity.  This makes the fund a strong option for those desiring to utilize a fund of fund approach that focuses purely on value investing in listed equity, while conveniently being able to trade on London's AIM market.  The fund has returned <a href="http://www.bloomberg.com/quote/VNH:LN" target="_blank">13.1% in the past year,</a> and trades at a 15.14% discount, near its 52 week historical…

Opportunity Overview  Unlike Vinacapital Vietnam Opp Fund Limited , which only invests half of its assets in listed equity, Vietnam Holding Ltd focuses exclusively on listed equity.  This makes the fund a strong option for those desiring to utilize a fund of fund approach that focuses purely on value investing in listed equity, while conveniently being able to trade on London's AIM market.  The fund has returned 13.1% in the past year, and trades at a 15.14% discount, near its 52 week historical…

Vietnam Holding's Fund Returns 13%: Strong Pure Play for Listed Equity

Da Nang Rubber JSC is a strong pick in Vietnam, and is able to benefit strongly from Vietnam's rapid automotive industry growth, as well as the declining price of rubber.  Investors should also note Sao Vang Rubber and The Southern Rubber Industry JSC, which are available at slightly lower valuation.

Da Nang Rubber JSC is a strong pick in Vietnam, and is able to benefit strongly from Vietnam's rapid automotive industry growth, as well as the declining price of rubber.  Investors should also note Sao Vang Rubber and The Southern Rubber Industry JSC, which are available at slightly lower valuation.

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- 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

[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

Vietnam Holding's Fund Returns 13%: Strong Pure Play for Listed Equity

Opportunity OverviewUnlike Vinacapital Vietnam Opp Fund Limited , which only invests half of its assets in listed equity, Vietnam Holding...

Nomadic Equity

Da Nang Rubber JSC

Da Nang Rubber JSC is a strong pick in Vietnam, and is able to benefit strongly from Vietnam's rapid automotive industry growth, as well as the...

Nomadic Equity

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