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DRC - BUY - Radial track record gives reason for optimism - Update

Company Research

28 Jan 2015

We raise our TP to VND66,000 (upside 20.0%) and upgrade to a BUY rating following a turnaround year and heading into 2015 with EPS forecast of 29.6% growth. In 2014, MOT focused on controlling maximum authorized mass (MAM) and essentially served to boost tire sales with DRC seeing a sales volume increase of 13%. FY15 revenue sales growth of 20.0% thanks to 74.1% increase in radial products sales volume.
Tags: DRC

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