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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>DRC’s Q1-2026 business results recovered thanks to continued favorable raw material price trends compared to the same period last year, such as natural rubber (-9.0% YoY) and synthetic rubber (-15.8% YoY), resulting in NPAT of VND 16 bn (+71.2% YoY).</li><li>However, DRC has yet to unlock new growth drivers as revenue remained weak at VND 1,155 bn (-2.1% YoY), affected by multiple headwinds from major international tire markets and intensified competition, particularly with Cambodia’s entry into the market.</li><li>Notably, the positive input cost effect could have had a stronger impact on profit had it not been for a large one-off expense of VND 85 bn in other general &amp; administrative costs (possibly from accruing short-term payables, in our view) — a similar phenomenon observed in Q2- 2024. </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>

DRC’s Q1-2026 business results recovered thanks to continued favorable raw material price trends compared to the same period last year, such as natural rubber (-9.0% YoY) and synthetic rubber (-15.8% YoY), resulting in NPAT of VND 16 bn (+71.2% YoY).However, DRC has yet to unlock new growth drivers as revenue remained weak at VND 1,155 bn (-2.1% YoY), affected by multiple headwinds from major international tire markets and intensified competition, particularly with Cambodia’s entry into the market.Notably, the positive input cost effect could have had a stronger impact on profit had it not been for a large one-off expense of VND 85 bn in other general &amp; administrative costs (possibly from accruing short-term payables, in our view) — a similar phenomenon observed in Q2- 2024. 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.

Danang Rubber

DRC - The road ahead remains bumpy