DRC released Q1 2020 results in which revenue decreased 2.5% YoY to VND803bn/USD34mn and NPAT-MI jumped 121.8% to VND37bn/USD1.6mn. We attribute the slide in revenue to lower domestic revenue, which accounted for 57% of DRC’s revenue in 2019. We believe the decline in domestic revenue was partially offset by higher revenue from the tire maker’s export markets — driven by less competition from Chinese tires due to short-term manufacturing disruptions in China as a result of the COVID-19 outbreak