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

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Amid challenges in the domestic bias transport tire market due to competition and shifting consumer preferences, DRC has pivoted to radial transport/car tires, targeting the low-to-midend segment in high-density markets like the US and Brazil.</li><li>However, high raw material prices and elevated transportation/discount costs from global expansion hinder net profit margins, making a return to pre-2020 levels difficult.</li><li>Domestic market: Bias transport tires are projected to grow 6.9%/year, supported by Vietnam’s 8-9% annual production growth.</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.

Amid challenges in the domestic bias transport tire market due to competition and shifting consumer preferences, DRC has pivoted to radial transport/car tires, targeting the low-to-midend segment in high-density markets like the US and Brazil.However, high raw material prices and elevated transportation/discount costs from global expansion hinder net profit margins, making a return to pre-2020 levels difficult.Domestic market: Bias transport tires are projected to grow 6.9%/year, supported by Vietnam’s 8-9% annual production growth.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 tires are at the heart of long-term outlook

<ul><li>Net revenue reached VND 1,377 bn (+1.0% YoY), reflecting a mixed performance.</li><li>The bright spot stemmed from a robust recovery in domestic bias tire market share (+8.9% YoY), driven by stronger local production, a slowdown in Chinese imports, and DRC’s enhanced attractive dealer discounts.</li><li>Strong results from other tire segments, including PCR (+38.1% YoY) and motorcycle/bicycle tires (+11.3% YoY), further bolstered DRC’s revenue this quarter. </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.

Net revenue reached VND 1,377 bn (+1.0% YoY), reflecting a mixed performance.The bright spot stemmed from a robust recovery in domestic bias tire market share (+8.9% YoY), driven by stronger local production, a slowdown in Chinese imports, and DRC’s enhanced attractive dealer discounts.Strong results from other tire segments, including PCR (+38.1% YoY) and motorcycle/bicycle tires (+11.3% YoY), further bolstered DRC’s revenue this quarter. 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 - Lower Rubber Prices Will Boost QoQ Performance

<ul><li>Net revenue was a bright spot, reaching VND 1,180 bn (+21.2% YoY), driven by a regained share of the domestic tire market as Chinese imports slowed and DRC offered more attractive dealer discounts.</li><li>Export markets remain a key medium-term growth driver, led by strong performance in the U.S. (+108.3% YoY) and a rebound in Brazil (+156.0% YoY) after a weak Q4.</li><li>However, NPAT-MI fell sharply to just VND 9.5 bn (-81% YoY), pressured by unfavorable input costs (natural/synthetic rubber and chemicals) and export price cuts for Radial tires (-4.0% 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.

Net revenue was a bright spot, reaching VND 1,180 bn (+21.2% YoY), driven by a regained share of the domestic tire market as Chinese imports slowed and DRC offered more attractive dealer discounts.Export markets remain a key medium-term growth driver, led by strong performance in the U.S. (+108.3% YoY) and a rebound in Brazil (+156.0% YoY) after a weak Q4.However, NPAT-MI fell sharply to just VND 9.5 bn (-81% YoY), pressured by unfavorable input costs (natural/synthetic rubber and chemicals) and export price cuts for Radial tires (-4.0% 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 - Positioned for a Favorable Tariff Scenario

External broker reports(aggregated public sources), Vietcap

Vietcap

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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

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 - Radial tires are at the heart of long-term outlook

Amid challenges in the domestic bias transport tire market due to competition and shifting consumer preferences, DRC has pivoted to radial...

Rong Viet Securities

DRC - Lower Rubber Prices Will Boost QoQ Performance

Strong results from other tire segments, including PCR (+38.1% YoY) and motorcycle/bicycle tires (+11.3% YoY), further bolstered DRC’s revenue this...

Rong Viet Securities

DRC - Positioned for a Favorable Tariff Scenario

Export markets remain a key medium-term growth driver, led by strong performance in the U.S. (+108.3% YoY) and a rebound in Brazil (+156.0% YoY)...

Rong Viet Securities

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

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