Rang Dong Light Source & Vacuum Flask JSC (HOSE: RAL) is a leading manufacturer of LED lighting products and vacuum flasks in Vietnam. LED lighting is RAL’s largest segment (accounting for 85% of 2021 revenue), followed by vacuum flasks (14%) and others (1%).
- In early 2020, RAL restructured to a digital business model, which focuses on digitalizing its production chain and developing an LED-4.0 ecosystem that integrates its LED products with Industry 4.0 technology (Industry 4.0 refers to the fourth industrial revolution that involves the use of smart technology and real-time data to increase productivity and reduce costs).
- RAL guides for 2022G PBT of VND345bn (-13% YoY), which we believe is conservative given the company’s impressive H1 2022 earnings results and our positive market outlook for 2022.