External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Thematic (Sector/Industry)

<ul><li>Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products.</li><li>The company’s main products are virgin and recycled DTY, FDY, and POY.</li><li>STK currently operates two spinning factories, located in HCMC and Dong Nai province, with a total capacity of 63,000 tons/annum. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products.The company’s main products are virgin and recycled DTY, FDY, and POY.STK currently operates two spinning factories, located in HCMC and Dong Nai province, with a total capacity of 63,000 tons/annum. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Textile Industry (Neutral) - Gradual Improvement

<ul><li>After facing headwinds in 1H23, we believe signs of recovery appeared in late-2Q23 and July.</li><li>We expect improvements in textile orders and demand in Vietnam key export markets from mid-3Q23.</li><li>Thus, we upgrade our rating for the Vietnam Textile industry to Neutral (from Underweight)</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

After facing headwinds in 1H23, we believe signs of recovery appeared in late-2Q23 and July.We expect improvements in textile orders and demand in Vietnam key export markets from mid-3Q23.Thus, we upgrade our rating for the Vietnam Textile industry to Neutral (from Underweight)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Textile Industry (Neutral) - Signs of recovery from 2H23

Equity Bottom-Up

Binh Thanh Import Export Production And Trade Jsc / Equity Bottom-Up

Binh Thanh Import Export Production And Trade Jsc

<ul><li>Raise TP to VND30,500; downgrade to Hold rating: We separately valuate the NPV of the Phu Bai and Vinh Long IZ projects, while using the discounted FCFF method for the garment segment to value Binh Thanh Import - Export Production &amp; Trade JSC (GIL) stock, with the following key assumptions: 1) A required rate of return of 14% (down from the previous 15%);</li><li>2) a terminal growth rate of 0% in 2032; and 3) the assumption that inflows from leasing should come in eight years from 2024.</li><li>Thus, we raise our target price to VND30,500 (from the previous VND25,000) and downgrade our rating to Hold (from Buy), as GIL’s share price has increased by 56% (vs. 19% for the VN-Index) since our previous report.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Raise TP to VND30,500; downgrade to Hold rating: We separately valuate the NPV of the Phu Bai and Vinh Long IZ projects, while using the discounted FCFF method for the garment segment to value Binh Thanh Import - Export Production &amp; Trade JSC (GIL) stock, with the following key assumptions: 1) A required rate of return of 14% (down from the previous 15%);2) a terminal growth rate of 0% in 2032; and 3) the assumption that inflows from leasing should come in eight years from 2024.Thus, we raise our target price to VND30,500 (from the previous VND25,000) and downgrade our rating to Hold (from Buy), as GIL’s share price has increased by 56% (vs. 19% for the VN-Index) since our previous report.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Binh Thanh Import - Export Production & Trade JSC - Struggle to Restructure Customer Portfolio

<ul><li>In the first months of 2023, demand for textiles and garments in key markets weakened on recession fears.</li><li>Vietnam’s textile exports in 4M23 were estimated at US$9.6bn (-19.3% YoY).</li><li>Notably, there was divergence among the main markets.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

In the first months of 2023, demand for textiles and garments in key markets weakened on recession fears.Vietnam’s textile exports in 4M23 were estimated at US$9.6bn (-19.3% YoY).Notably, there was divergence among the main markets.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Textile Industry (Underweight) - 1Q23 update

<ul><li>In 2022, the growth streak of Binh Thanh Import - Export Production &amp; Trade JSC (GIL VN) was halted after its after the biggest customer, Amazon Robotics Ltd., cancelled most of its orders.</li><li>GIL’s revenue fell 23.7% YoY, reaching VND3,166.6bn. GIL recorded a financial profit from selling its Gia Dinh Textile Ltd. for VND200.9bn, which helped the company record operating profit of VND459.1bn (+6.3% YoY).</li><li>Meanwhile, GIL’s NPAT reached VND361.4bn (+9.3% YoY) and net margin increased to 11.4% (from 8% in 2021).</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

In 2022, the growth streak of Binh Thanh Import - Export Production &amp; Trade JSC (GIL VN) was halted after its after the biggest customer, Amazon Robotics Ltd., cancelled most of its orders.GIL’s revenue fell 23.7% YoY, reaching VND3,166.6bn. GIL recorded a financial profit from selling its Gia Dinh Textile Ltd. for VND200.9bn, which helped the company record operating profit of VND459.1bn (+6.3% YoY).Meanwhile, GIL’s NPAT reached VND361.4bn (+9.3% YoY) and net margin increased to 11.4% (from 8% in 2021).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Binh Thanh Import - Export Production & Trade JSC - Potential from Industrial Zone Projects

Vietnam

Binh Thanh Import Export Production and Trade JSC manufactures and sells home storage products, luggage, cushions, backpacks, rucksacks, bags, and other products.

Binh Thanh Import Export Production And Trade Jsc (GIL VN)

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Binh Thanh Import Export Production And Trade Jsc (GIL VN)

Vietnam Textile Industry (Neutral) - Gradual Improvement

Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products. The company’s main products are virgin...

Mirae Asset Securities

Vietnam Textile Industry (Neutral) - Signs of recovery from 2H23

After facing headwinds in 1H23, we believe signs of recovery appeared in late-2Q23 and July. We expect improvements in textile orders and demand in...

Mirae Asset Securities

Binh Thanh Import - Export Production & Trade JSC - Struggle to Restructure Customer Portfolio

We separately valuate the NPV of the Phu Bai and Vinh Long IZ projects, while using the discounted FCFF method for the garment segment

Mirae Asset Securities

Vietnam Textile Industry (Underweight) - 1Q23 update

In the first months of 2023, demand for textiles and garments in key markets weakened on recession fears. Vietnam’s textile exports in 4M23 were...

Mirae Asset Securities

Binh Thanh Import - Export Production & Trade JSC - Potential from Industrial Zone Projects

In 2022, the growth streak of Binh Thanh Import - Export Production & Trade JSC (GIL VN) was halted after its after the biggest customer, Amazon...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)