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DRC - ASP cuts offset volume growth - Earnings Report

DRC announced that H1 2016 earnings fell 2.1% vs H1 2015, which slightly trailed our full-year forecast. Management has not yet made details on the business performance available, so we will have a more detailed discussion in our follow-up update report. Having said that, we may see a slight reduction in our target price even though we do not expect it to be material.