DRC - Expecting on replacement segment
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n short-term, Radial plant prospect is not certain due to uncertain issues when phase 2 comes into operation and demand increase of radial tire consumption. However, DRC also maintains the stable growth thanks to Bias tire demand in replacement segment. We concern that material price could recover significantly and (especially natural rubber) reduce DRC gross margin. Therefore, it is difficult for DRC and other domestic tire manufactures to raise selling price, which results from competitive pressure of Chinese low-price products. Currently, we maintain our recommendation of “ACCUMULATE†for this ticker with target price of VND 52,000 per share
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