レポート名 | DRC_BUY_TP 32,800VND_Upside 25_Back On the Track_BSC Company Update |
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レポート類 | Phân tích công ty |
ソース | BSC |
田畑 | 工業 |
会社 | DRC |
ディテール |
日付 : 18/05/2021 総ページ数 : 10 言語 : English File Type : .PDF FileSize : 575 Kb ダウンロード: 127 ダウンロード |
投票 | (投票するにはログインする必要があります) |
要約 |
VALUATION We recommend BUY DRC stock with a target price of VND 32,800, +25% compared to the price on May 18, 2021, based on P/E method.
FORECAST OF BUSINESS PERFORMANCE
We forecast that DRC’s net revenue and NPAT in 2021 will reach VND3,926 billion (+7.7% YoY) and VND371 billion (+44.6% YoY) respectively, equivalent to 2021 fw P/E of 8.5x and 2021 EPS of VND9,197/share with our assumptions: (1) Radial tire and Bias tire sales volume reached 553,045 units (+9% YoY) and 648,537 units (+3% YoY), (2) Average selling price of products increased slightly +2% YoY and (3) Gross profit margin is at 20%.
INVESTMENT OUTLOOK
TECHNICAL ANALYSIS
Investors should reduce the proportion of stocks and monitor DRC’s performance until DRC shows more positive signs, consider cutting losses if the support level 24 is penetrated.
RISKS
COMPANY UPDATE
In Q1/2021, DRC recorded net sales and NPAT of 912 billion VND (+12.6% YoY) and 64 billion VND (+70.1% YoY) respectively thanks to the recovery of key markets and reduction of depreciation expense.
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