Research Center
Quay lại

DRC [BUY +26.2%] - GPM expansion masked slow progress in radial factory

Positive 9M15 performance mainly driven by GPM improvement thanks to rubber cost base dropping 25% in 9M15 vs 9M14. Despite surging from a low base with sales volume +70% in 9M15 vs 9M14, the radial factory’s progress trailed our expectation as competition from imported Chinese products remain fierce.