DRI – We maintain our ADD rating for DRI given its attractive valuation and improving tapping volume and yields.

November 17, 2017

■ Conservative forecast on FY2018 output.
■ Higher corporate tax obligation implies a 16-17% haircut to our 2017 and 2018 earnings forecast.
■ Slow earnings growth in 2018 but stronger growth expected in 2019.

DRI_Update_20171115

DRI – We maintain our ADD rating for DRI given its attractive valuation and improving tapping volume and yields.

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