DRC and CSM have reached our target price of VND39,800 (adjusted) and VND40,400 respectively. DRC and CSM are trading at our target P/E of 10x and 8x respectively. We note that since our update reports (3 April for DRC and 10 May for CSM), DRC has gained 20% and CSM has gained 25%. The fundamentals for the two companies have not changed, except for the lower input rubber price, but that has been incorporated in our reports.