DRI Stock Hits Record High as Rubber Prices Drive 83% Profit Surge

Overview

Shares of Đầu tư Cao su Đắk Lắk (ticker DRI, UPCOM) closed at VND 16,700 on 8 October 2026, surpassing the previous record set in March 2022. The move follows H1 2026 results showing revenue up 61% and net profit up 83% year-on-year, driven by higher rubber volumes sold at favorable prices. The stock has gained roughly 38% year-to-date and nearly 56% over twelve months.

Key Facts

• DRI closed at VND 16,700 per share with more than 2.75 million units traded, about 2% above the March 2022 peak.
• H1 2026 net revenue reached VND 490 billion, up 61% year-on-year; net profit after tax reached VND 142 billion, up 83%.
• Gross margin improved from 39.4% to 40.6%, described as the highest in the sector; financial revenue doubled to VND 21 billion.
• Mirae Asset forecasts 2026 revenue of VND 985 billion (+44%) and net profit of VND 248 billion (+58%), which would be the highest for 2021-2026.
• The forecast assumes an average rubber price of USD 2,200 per tonne (+18%) and sales volume of about 17,000 tonnes (+22%).
• ANRPC’s August 2026 estimate points to a global rubber deficit of roughly 317,000 tonnes, the sixth consecutive year of undersupply.
• DRI deferred liquidation of about 4,011 hectares of rubber to 2027-2036, with an initial 1,975-hectare plan for 2027-2030 to be submitted to the board in October 2026.

What Happened

The share price recovery marks the first time since March 2022 that DRI has traded above its prior peak. The company sold down part of the inventory accumulated at the end of 2025 to capture the elevated price environment, which lifted both volumes and margins. Financial revenue also doubled to VND 21 billion, adding to the profit base.

Mirae Asset’s latest report attributes the positive outlook to two assumptions: an 18% rise in average rubber selling prices to USD 2,200 per tonne and a 22% increase in sales volume to roughly 17,000 tonnes. The broker cites ANRPC data showing a market shortfall of about 317,000 tonnes, with supply constrained in several major producing countries and new rubber trees requiring five to seven years before tapping. The company also pushed back its replanting and liquidation schedule, a decision Mirae Asset says helps maximize 2026 output while prices remain high.

Market Context

DRI trades on UPCOM, Vietnam’s unlisted public company market, and sits in the rubber and agriculture segment of the chemicals sector. The stock has risen about 22% in the past month alone, even as the broader market moved sideways, and is up roughly 38% year-to-date. The 8 October 2026 close of VND 16,700 is the reference price for the current record. Liquidity on the session exceeded 2.75 million shares, well above typical UPCOM turnover for a mid-cap rubber name.

Strategic Significance

The core thesis rests on a supply-demand imbalance that cannot be quickly resolved. Rubber trees take five to seven years to reach tapping maturity, so even with prices above USD 2,000 per tonne, new supply cannot respond within the forecast horizon. That gives established planters like DRI pricing power and supports the highest gross margin in the sector at 40.6%. The decision to defer liquidation of 4,011 hectares to 2027-2036 is strategically important: it keeps mature, high-yielding acreage in production through the current price cycle rather than converting land early. The trade-off is that output is expected to decline gradually from 2027, meaning the 2026 profit peak may not be repeated without further price gains or new planting.

What to Watch

• Board submission in October 2026 of the initial 1,975-hectare liquidation plan for 2027-2030.
• Q3 2026 earnings release, which will show whether the H1 volume and margin trend continued.
• ANRPC monthly supply-demand updates for confirmation of the 317,000-tonne deficit estimate.
• Average realized rubber selling prices versus the USD 2,200 per tonne assumption in the Mirae Asset forecast.
• Any revision to the 2027-2036 replanting schedule and its effect on 2027 output guidance.