DRC held its 2019 AGM in Da Nang today with more than 40 shareholders. Management guided for 2019 revenue of VND3.9tn/USD168mn (+9.1% YoY, 3.6% above our forecast) and 2019 PBT of VND157bn/USD6.8mn (-11.3% YoY, 6.0% above our forecast). We believe the main reason for the guided drop in PBT is due to expectations of continued stiff competition from tires produced by Chinese manufacturers.