Analyst Pin-board DRC – Q3 2022 Results are expected to exceed the quarterly plan
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· DRC set Q3 2022 net sales and pre-tax profit targets at VND1,190 bn (+3.7% QoQ; +28.1% YoY) and VND86 bn (-18.1% QoQ; +103.9% YoY), respectively. Total sales value of July & August-2022 are VND957 bn (met 77.5% of Q3 2022 ‘sales target). · We suppose that DRC will exceed its Q3 2022 business plan based on 1) positive business results in July & August 2022; 2) strong growth of automotive production in Brazil and the US markets as the shortage chip problem started to ease since 2H2022; and 3) increasing frequency of domestic logistic activities after Covid-19. · Because DRC ‘s results in Jul & Aug were better than our estimation, we are reviewing our forecast that may generate a new target price. Our current target price for the next 12 months is around VND 34,700, combining FCFF valuation model (50%) and multiple comparisons (50%) with an applied P/E of 13.9x. |
Danang Rubber Joint Stock Company is a Vietnam-based company engaged in the rubber processing sector. It manufactures, trades, imports and exports rubber tires, inner tubes and other deprived products for automobiles, motorbikes and bicycles. It also manufactures other rubber products for mechanical uses, as well as trades materials and supplies for the rubber industry. The Company is involved in the offering of installation services of machinery and equipment for rubber processing activities.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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