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DRC - REDUCE - Profitable but fundamentals deteriorating - Initiation

DRC is one of the leading tyre producers in Vietnam. Automobile tyres and tubes account for over 80% of the company’s revenue. Nearly half of production costs are pegged to volatile rubber price. The company claims that they provide 90% of Truong Hai Auto, the second largest domestic automobile manufacturer; Truong Hai accounts for only 10% of DRC sales. DRC has key niche product, off-the-road (OTR) tyres.