DRC [OUTPERFORM +13.2%] - 2023F earnings growth supported by lower logistics costs

- We cut our target price (TP) by 1.7% to VND23,100/share and reiterate our OUTPERFORM rating. - In this Update Report, we raise our aggregate 2023-2025F NPAT-MI by 3% as we expect profitability to improve in the short term thanks to (1) lower input costs