DBC – Stellar performance in 1Q20 – Update

• 1Q20 net profit remarkably grew 1,638.6% to VND349bn, forming 56.9% of our previous forecast.
• We believe the business of DBC should be less sensitive to Covid-19 pandemic and outperform other peers’ earnings growth in FY20F.
• Reiterate ADD with higher TP of VND35,500.

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