External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

<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

Rong Viet Securities

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

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.

<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

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

Frontier and emerging markets (Vietnam)

Dylan Waller

The sustainability of the VN Index’s Rise The VN Index surpassed 1,100 points at the end of last week, and has <a href="https://www.bloomberg.com/quote/VNINDEX:IND" target="_blank">returned 59%</a> in the past year, as of February the 23rd.  Strong performance during 2017 occurred due to significant PE expansion, as well as the strong EPS growth.  Moving forward, the main catalyst for Vietnam includes various IPOs and state divestments through 2018-2020, while the country’s healthy macroeconomic conditions will continue to support the market.  All of these factors…

The sustainability of the VN Index’s Rise  The VN Index surpassed 1,100 points at the end of last week, and has returned 59% in the past year, as of February the 23rd.  Strong performance during 2017 occurred due to significant PE expansion, as well as the strong EPS growth.  Moving forward, the main catalyst for Vietnam includes various IPOs and state divestments through 2018-2020, while the country’s healthy macroeconomic conditions will continue to support the market.  All of these factors…

Vietnam Update: Market Complexity Grows, yet the Attractive Economic Narrative Remains in Place

Vietnam

Danang Rubber JSC manufactures vehicle tires.  The Company produces tires for bicycles, motorcycles, automobiles, and trucks.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Danang Rubber JSC (DRC VN)

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

[Results Update]DRC - Difficult to Reach a Turning Point

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...

Rong Viet Securities

Vietnam Update: Market Complexity Grows, yet the Attractive Economic Narrative Remains in Place

The sustainability of the VN Index’s RiseThe VN Index surpassed 1,100 points at the end of last week, and has returned 59% in the past year, as of...

Dylan Waller

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)