We maintain our MARKET PERFORM rating on DRC as we raise our target price (TP) by 3.6% to VND23,200 per share. Our higher TP mainly reflects an increase in our 2019/2020/2021 NPAT-MI forecasts by 41%/9%/1% as we raise our gross margin estimates by 5.7ppts/3.9ppts/2.7ppts for this period. This increase is mainly driven by a higher assumption of radial tire selling prices and a lower estimation for the price of black carbon, which is a key material for DRC. The increase in our 2019-2021