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

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<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><p><em>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.</em></p>

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

Danang Rubber JSC

DRC - Positioned for a Favorable Tariff Scenario