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DRC [MARKET PERFORM +4.4%] - Radial segment breaks even but competition remains tough - Update

We maintain our MARKET PERFORM rating on DRC and increase our target price by 23% to VND28,100, implying a total stock return of 4.4%. Our target price revision is mainly due to the effect of DCF and EPS roll-overs. We continue to be skeptical about DRC’s long-term outlook because of the intense competitive environment and DRC’s undifferentiated products and low pricing power.