We maintain our MARKET PERFORM rating on DRC and slightly trim our target price (TP) by 2.2% to VND22,400 per share. Our lower TP mainly reflects a cut in our 2019 NPAT-MI forecast by 1.2% as we lower our volume growth assumption for DRC’s bias tire segment, which was weaker-than-expected in Q1 2019. For 2019, we forecast NPAT-MI will drop 17% YoY