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DRC [M-PF +9.5%] - Impressive radial tires volume growth isn’t enough to brighten up the bottom line - AGM note

Aggressive dividend policy. The company confirmed a cash dividend for FY15 of VND3,000 per share, translating to a robust dividend yield of 6.6% at today’s closing price. DRC also confirmed a bonus issuance at the ratio of 10:3 (ten existing shares get three new shares). However, in our view, the dividend is about the only attraction coming in 2016.