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C32 [NON-RATED] - Stable profitability, M&A activity drive bright prospects - Retail Research

C32 mainly operates in Binh Duong Province, where FDI has grown sustainably since 2013. The company has maintained strong, stable profit for the last five years due to high demand and high gross profit margin from the construction stone mining segment. C32 is targeting to expand its business through strategic M&A. Recent transition in ownership following State divestment may provide better strategic direction.