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Equity Bottom-Up

Tien Giang Investment and Construction / Equity Bottom-Up

Tien Giang Investment and Construction (THG VN)

<ul><li>Net revenue reached 556 billion VND (+24% QoQ; -11% YoY), lower than expected.</li><li>The concrete &amp; construction materials segment reached 356 billion VND (+20% QoQ; -4% YoY), and the construction segment reached 149 billion VND (+50% QoQ; +6% YoY), while the real estate &amp; industrial park segment decreased sharply to 51 billion VND (-54% YoY) due to declining contributions from the D7 project and revenue from Gia Thuan 2 not yet being recognized.</li><li>Gross profit reached 118 billion VND (+15% QoQ; -10% YoY), corresponding to a gross margin of 21.2% (-164 bps QoQ; +26 bps YoY). </li></ul>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.

Net revenue reached 556 billion VND (+24% QoQ; -11% YoY), lower than expected.The concrete &amp; construction materials segment reached 356 billion VND (+20% QoQ; -4% YoY), and the construction segment reached 149 billion VND (+50% QoQ; +6% YoY), while the real estate &amp; industrial park segment decreased sharply to 51 billion VND (-54% YoY) due to declining contributions from the D7 project and revenue from Gia Thuan 2 not yet being recognized.Gross profit reached 118 billion VND (+15% QoQ; -10% YoY), corresponding to a gross margin of 21.2% (-164 bps QoQ; +26 bps YoY). 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.

THG - Gia Thuan 2 is expected to contribute to business results

<ul><li>The concrete segment (accounting for approximately 70% of THG’s total revenue) has maintained stable output during the 2022-2025 period, with 3 plants currently operating near maximum capacity due to strong consumption demand in the Dong Thap region.</li><li>In 2026, THG plans to open an additional plant with an area of approximately 6 hectares, estimated to increase current capacity by about 10-15%.</li><li>In addition to ready-mixed concrete sold domestically and in some neighboring areas such as Ben Tre, Long An, etc., THG's portfolio is also being expanded with precast concrete products (bridge girders, piles, power poles, etc.) – which have high demand from infrastructure projects being promoted by the Government.</li></ul>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.

The concrete segment (accounting for approximately 70% of THG’s total revenue) has maintained stable output during the 2022-2025 period, with 3 plants currently operating near maximum capacity due to strong consumption demand in the Dong Thap region.In 2026, THG plans to open an additional plant with an area of approximately 6 hectares, estimated to increase current capacity by about 10-15%.In addition to ready-mixed concrete sold domestically and in some neighboring areas such as Ben Tre, Long An, etc., THG's portfolio is also being expanded with precast concrete products (bridge girders, piles, power poles, etc.) – which have high demand from infrastructure projects being promoted by the Government.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

Tien Giang Investment and Construction Joint Stock Company (TICCO) is a Vietnam-based company primarily engaged in real estate operations and development, including the construction of residential areas, industrial parks, and traffic infrastructure. It also specializes in civil, traffic, and irrigation works construction, alongside the production and trading of ready-mixed and precast concrete products. TICCO was established in 1977 as Tien Giang Hydraulic Construction Company and is headquartered in My Tho, Tien Giang province, Vietnam.

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Tien Giang Investment and Construction (THG VN)

THG - Gia Thuan 2 is expected to contribute to business results

The concrete & construction materials segment reached 356 billion VND (+20% QoQ; -4% YoY), and the construction segment reached 149 billion VND...

Rong Viet Securities

THG - Solid regional advantage

In 2026, THG plans to open an additional plant with an area of approximately 6 hectares, estimated to increase current capacity by about 10-15%.

Rong Viet Securities

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