DPR [NOT RATED] - Rubber sales to recover, IP bottleneck resolved

- We provide an update on DPR following our last report, dated April 15, 2022.

- Q1 2024 net revenue was VND187bn, up 3.8% YoY. The core business – rubber - contributed to 61.5% of Q1 2024 total revenue and experienced a surge in GPM from 13.6% in Q1 2023 to 25.7% in Q1 2024 due to the substantial recovery in rubber prices.

- The company has a zero-debt balance. Cash & cash equivalents and short-term deposits at banks were VND1.6tn, equivalent to 37% of total assets and 50% of total equity as of end Q1 2024.