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VKC - VKC is an assembly of highly successful lines - Small Cap Research

General distributor of Cheng Shin, a Taiwanese leader and significant position in tubeless motorcycle and heavy truck tyres in Vietnam. Booming automobile sales growth of 62% in 1Q15 vs 1Q14 boosted 1Q15 top-line by 38.2% to VND235bn and NPAT by 73.4% to VND4.5bn. 1Q15 numbers make company’s top-line guidance growth of 2.7% look conservative. Nevertheless bottom-line guidance is up 43% with FY14 drag from plastics gone and stock is cheap on forward PER of 6.8x based on management numbers.