We maintain our OUTPERFORM rating on DRC despite cutting our target price by 13% to VND19,300/share as the company’s stock price has declined 15% in the last three months. Our lower TP is mainly driven by a 15% cut in our aggregate 2021F-2023F NPAT-MI forecast (-7%/-12%/-25%, respectively). This cut is underpinned by (1) 3/3/6-ppt decreases to 21%/21%/20% in our radial tire gross margin assumptions for 2021/22/23F as we see that competition in this segment has intensified. According to DRC