External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

TNG Investment and Trading / Equity Bottom-Up

<ul><li>In Q2-FY26, revenue and NPAT-MI reached VND 2,913 bn (+15% YoY) and VND 150 bn (+25% YoY), respectively, in line with our forecasts.</li><li>TNG's revenue recorded positive growth due to contributions from two export markets, the EU and Canada, with revenue shares of approximately 41.4% and 8.3%, respectively, recording growth of 27% YoY and 52% YoY, respectively.</li><li>Meanwhile, export revenue to the US market grew slowly at 5% YoY as consumer demand has not clearly improved. </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>

In Q2-FY26, revenue and NPAT-MI reached VND 2,913 bn (+15% YoY) and VND 150 bn (+25% YoY), respectively, in line with our forecasts.TNG's revenue recorded positive growth due to contributions from two export markets, the EU and Canada, with revenue shares of approximately 41.4% and 8.3%, respectively, recording growth of 27% YoY and 52% YoY, respectively.Meanwhile, export revenue to the US market grew slowly at 5% YoY as consumer demand has not clearly improved. 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.

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

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<ul><li>We used the discounted free cash flow to the firm (FCFF) method to determine the fair value of TNG Investment and Trading JSC (TNG) stock, with a required rate of return of 13% and assuming 0% long-term growth after 2036.</li><li>Thus, we maintain our target price of VND26,000 (dividend adjustment) for TNG, and maintain our Buy rating.</li><li>Vietnam’s garment exports bottomed out in June, as export valued increased 2.6% YoY (-3.4% YoY in May).</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>

We used the discounted free cash flow to the firm (FCFF) method to determine the fair value of TNG Investment and Trading JSC (TNG) stock, with a required rate of return of 13% and assuming 0% long-term growth after 2036.Thus, we maintain our target price of VND26,000 (dividend adjustment) for TNG, and maintain our Buy rating.Vietnam’s garment exports bottomed out in June, as export valued increased 2.6% YoY (-3.4% YoY in May).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.

TNG Investment and Trading JSC (TNG VN) - Maintaining Growth While Sector Improves

<ul><li>TNG's revenue and NPAT reached VND 1,952 bn (+29% YoY) and VND 60 bn (+39% YoY), respectively, completing 21% and 13% of the annual plan.</li><li>The Q1-FY26 results were more positive than our forecasts (projected revenue and NPAT were VND 1,668 bn and VND 54 bn, respectively, 17% and 11% higher than our forecasts).</li><li>TNG's revenue recorded positive growth thanks to contributions from two key export markets, the US and Europe, with revenue proportions of approximately 44% and 43%, respectively.</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>

TNG's revenue and NPAT reached VND 1,952 bn (+29% YoY) and VND 60 bn (+39% YoY), respectively, completing 21% and 13% of the annual plan.The Q1-FY26 results were more positive than our forecasts (projected revenue and NPAT were VND 1,668 bn and VND 54 bn, respectively, 17% and 11% higher than our forecasts).TNG's revenue recorded positive growth thanks to contributions from two key export markets, the US and Europe, with revenue proportions of approximately 44% and 43%, respectively.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.

TNG - Strict Cost Management Is the Key to Sustaining Growth

<ul><li>We used the discounted free cash flow to the firm (FCFF) method to determine the fair value of TNG Investment and Trading JSC (TNG) stock, with a required rate of return of 13% and assuming 0% long-term growth after 2036.</li><li>Thus, we maintain our target price at VND26,500, but upgrade our rating to Buy (from Hold), as the stock price has declined 18.1% since our last report (VN-Index: +9.1%).</li><li>Vietnam garment exports remained strong with March and 1Q26 export values at US$3.1bn (+3.0% YoY) and US$8.8bn (+1.9% YoY).</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>

We used the discounted free cash flow to the firm (FCFF) method to determine the fair value of TNG Investment and Trading JSC (TNG) stock, with a required rate of return of 13% and assuming 0% long-term growth after 2036.Thus, we maintain our target price at VND26,500, but upgrade our rating to Buy (from Hold), as the stock price has declined 18.1% since our last report (VN-Index: +9.1%).Vietnam garment exports remained strong with March and 1Q26 export values at US$3.1bn (+3.0% YoY) and US$8.8bn (+1.9% 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.

TNG Investment and Trading JSC (TNG VN/Buy/TP: VND26,500) - Steady Results in 1Q26

Thematic (Sector/Industry)

<ul><li>Garment growth bottoms out, while fiber exports accelerate: The Vietnamese textile industry remained stable in 7M26, as both textile product and fiber exports recorded growth.</li><li>For textile products, growth in the sector generally remained sluggish, with exports increasing 1.1% YoY (4M26: +1.6% YoY) to reach US$22.8bn.</li><li>In detail, export value decreased 3.4% YoY in May before turning around and rising 2.6% YoY and 1.3% YoY in June and July, respectively. </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>

Garment growth bottoms out, while fiber exports accelerate: The Vietnamese textile industry remained stable in 7M26, as both textile product and fiber exports recorded growth.For textile products, growth in the sector generally remained sluggish, with exports increasing 1.1% YoY (4M26: +1.6% YoY) to reach US$22.8bn.In detail, export value decreased 3.4% YoY in May before turning around and rising 2.6% YoY and 1.3% YoY in June and July, respectively. 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) - Steady improvements in 2Q26

Vietnam

TNG Investment and Trading is a Vietnam-based company primarily engaged in the production and trading of garments, including jackets, raincoats, and various apparel items. The company also manufactures and sells corrugated paper, plastic bags, cartons, and garment accessories. Headquartered in Thai Nguyen, Vietnam, the company was established in 1979.

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TNG Investment and Trading (TNG VN)

TNG - European Expansion Drives Growth

In Q2-FY26, revenue and NPAT-MI reached VND 2,913 bn (+15% YoY) and VND 150 bn (+25% YoY), respectively, in line with our forecasts.

Rong Viet Securities

TNG Investment and Trading JSC (TNG VN) - Maintaining Growth While Sector Improves

Please change this text!We used the discounted free cash flow to the firm (FCFF) method to determine the fair value of TNG Investment and Trading...

Mirae Asset Securities

TNG - Strict Cost Management Is the Key to Sustaining Growth

TNG's revenue and NPAT reached VND 1,952 bn (+29% YoY) and VND 60 bn (+39% YoY), respectively, completing 21% and 13% of the annual plan.

Rong Viet Securities

TNG Investment and Trading JSC (TNG VN/Buy/TP: VND26,500) - Steady Results in 1Q26

Vietnam garment exports remained strong with March and 1Q26 export values at US$3.1bn (+3.0% YoY) and US$8.8bn (+1.9% YoY).

Mirae Asset Securities

Vietnam Textile Industry (Neutral) - Steady improvements in 2Q26

Garment growth bottoms out, while fiber exports accelerate: The Vietnamese textile industry remained stable in 7M26, as both textile product and...

Mirae Asset Securities

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