Research Center
Quay lại

DRC - [M-PF +8.0%] - Lack of catalysts dampens enthusiasm for 2016 - Update

We have downgraded DRC to MARKET PERFORM and lowered our target price to VND47,200. FY15 results broadly in line with our expectations. FY15 revenue and NPAT achieved 99% and 105% of our respective forecasts. NPAT exceeded our forecast mainly thanks to lower-than-expected non-operating expenses. Radial tire sales drove FY15 top line growth.