External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li><p style="text-align: justify; font-size: 12px; font-family: Manrope;"><strong><span style="font-size: 16px; font-family: Manrope, system-ui, sans-serif;">Textiles and garments (T&amp;G) together are Vietnam’s second-largest export industry. </span></strong><span style="font-family: Manrope,system-ui,sans-serif;"><span style="font-size: 16px;">While their combined share of Vietnam’s total export value dropped from 16% in 2011 to 11% in 2023, the trade surplus as a percentage of export value increased from 41% to 53% during the same period.</span></span></p></li><li>This shift suggests greater profitability of Vietnam’s T&amp;G industry, which we attribute to the fact that industry is evolving from low-cost production to higher value-added activities.</li><li>This is bolstered by improved supply chains, production efficiency, and Vietnam’s involvement in key free trade agreements (FTAs).</li></ul><p><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></p>

Textiles and garments (T&amp;G) together are Vietnam’s second-largest export industry. While their combined share of Vietnam’s total export value dropped from 16% in 2011 to 11% in 2023, the trade surplus as a percentage of export value increased from 41% to 53% during the same period.This shift suggests greater profitability of Vietnam’s T&amp;G industry, which we attribute to the fact that industry is evolving from low-cost production to higher value-added activities.This is bolstered by improved supply chains, production efficiency, and Vietnam’s involvement in key free trade agreements (FTAs).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.

Textile Sector - Upstream expansion to support higher returns

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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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<ul><li>Although the Vietnam Textile industry has seen gradual improvement, we believe the business environment in the remainder of 2024 still faces challenges, mainly from macro uncertainties.</li><li>Thus, we maintain our Neutral rating for the Vietnam Textile industry.</li><li>Export growth slowdown: Vietnam’s textile industry maintained positive growth in exports during 7M24, although the momentum cooled in 2Q24.</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>

Although the Vietnam Textile industry has seen gradual improvement, we believe the business environment in the remainder of 2024 still faces challenges, mainly from macro uncertainties.Thus, we maintain our Neutral rating for the Vietnam Textile industry.Export growth slowdown: Vietnam’s textile industry maintained positive growth in exports during 7M24, although the momentum cooled in 2Q24.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) - Global Uncertainties Obstruct Recovery

Equity Bottom-Up

<ul><li>Song Hong Garment JSC (MSH VN) is a highly profitable garment company located in Northern Vietnam.</li><li>MSH operates more than 20 manufacturing workshops in Nam Dinh province, Vietnam, that are well-positioned logistically, with key product lines comprising CMT and FOB export garments (major revenue proportion).</li><li>MSH boasts a solid customer portfolio concentrated on the US market, including Walmart, Nike, Target, and Haddad Brands. </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>

Song Hong Garment JSC (MSH VN) is a highly profitable garment company located in Northern Vietnam.MSH operates more than 20 manufacturing workshops in Nam Dinh province, Vietnam, that are well-positioned logistically, with key product lines comprising CMT and FOB export garments (major revenue proportion).MSH boasts a solid customer portfolio concentrated on the US market, including Walmart, Nike, Target, and Haddad Brands. 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.

Song Hong Garment JSC - Gross Margin Improved

<ul><li>Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.</li><li>The Bank has its core business in mobilizing capital and crediting.</li><li>In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. VPBank ha</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>

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.The Bank has its core business in mobilizing capital and crediting.In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. VPBank haContent 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.

Stock Recommendations (Vietnam Market) - May 2024

<ul><li>Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.</li><li>The Bank has its core business in mobilizing capital and crediting.</li><li>In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. </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>

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.The Bank has its core business in mobilizing capital and crediting.In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. 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.

Stock Recommendations (Vietnam Market) - April 2024

Vietnam

Song Hong Garment Joint Stock Company manufactures garments. The Company designs apparel such as pants, tops, dress, coats, jackets, and sweaters. Song Hong Garment serves customers worldwide.

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Song Hong Garment (MSH VN)

Textile Sector - Upstream expansion to support higher returns

While their combined share of Vietnam’s total export value dropped from 16% in 2011 to 11% in 2023, the trade surplus as a percentage of export...

Vietcap

Vietnam Textile Industry (Neutral) - Global Uncertainties Obstruct Recovery

Although the Vietnam Textile industry has seen gradual improvement, we believe the business environment in the remainder of 2024 still faces...

Mirae Asset Securities

Song Hong Garment JSC - Gross Margin Improved

MSH operates more than 20 manufacturing workshops in Nam Dinh province, Vietnam, that are well-positioned logistically, with key product lines...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - May 2024

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993. The Bank has its core business in...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - April 2024

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993. The Bank has its core business in...

Mirae Asset Securities

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