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

Mirae Asset Securities

External broker reports(aggregated public sources)

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

Equity Bottom-Up

TNG Investment and Trading / Equity Bottom-Up

<ul><li>TNG Investment and Trading JSC (TNG VN) is one of the fastest-growing garment companies in Vietnam, with a bold financial structure, and is one of Vietnam’s top garment exporters.</li><li>The company has a diversified customer portfolio that encompasses many key Vietnam textile export markets.</li><li>TNG’s key business is CMT garment production, and the company possesses over 300 manufacturing lines in 18 branches, based in Thai Nguyen province, Vietnam.</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>

TNG Investment and Trading JSC (TNG VN) is one of the fastest-growing garment companies in Vietnam, with a bold financial structure, and is one of Vietnam’s top garment exporters.The company has a diversified customer portfolio that encompasses many key Vietnam textile export markets.TNG’s key business is CMT garment production, and the company possesses over 300 manufacturing lines in 18 branches, based in Thai Nguyen province, Vietnam.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) - Opportunity in Chaos

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

Rong Viet Securities

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<ul><li>Using the Sum-of-the-Parts (SoTP) method, we conducted an initial valuation of TNG stock.</li><li>We believe that the current stock price broadly reflects the company’s long-term growth prospects.</li><li>Our target price for TNG is VND 26,700/share, corresponding to a projected P/E ratio of 9.8x for 2024. </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>

Using the Sum-of-the-Parts (SoTP) method, we conducted an initial valuation of TNG stock.We believe that the current stock price broadly reflects the company’s long-term growth prospects.Our target price for TNG is VND 26,700/share, corresponding to a projected P/E ratio of 9.8x for 2024. 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 - Upside Potential Is Limited as High-Growth Phase Ends

<ul><li>TNG Investment and Trading JSC (TNG VN) is one of the fastest-growing garment companies in Vietnam, with a bold financial structure, and is one of Vietnam’s top garment exporters.</li><li>The company has a diversified customer portfolio that encompasses many key Vietnam textile export markets.</li><li>TNG’s key business is in CMT garment production, and the company possesses over 300 manufacturing lines in 18 branches, based in Thai Nguyen province, Vietnam.</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>

TNG Investment and Trading JSC (TNG VN) is one of the fastest-growing garment companies in Vietnam, with a bold financial structure, and is one of Vietnam’s top garment exporters.The company has a diversified customer portfolio that encompasses many key Vietnam textile export markets.TNG’s key business is in CMT garment production, and the company possesses over 300 manufacturing lines in 18 branches, based in Thai Nguyen province, Vietnam.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 - Maintaining Growth Momentum

<ul><li>Growth in revenue maintained, but profit margins narrow: In 2Q23, TNG’s revenue saw a modest rise of 0.6% YoY, to VND1,995.1bn.</li><li>However, gross margin declined amid weak demand, with gross profit down by 23.6% YoY.</li><li>Interest expenses rose, due to high interest rates, while the company showed good control over SG&amp;A. </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>

Growth in revenue maintained, but profit margins narrow: In 2Q23, TNG’s revenue saw a modest rise of 0.6% YoY, to VND1,995.1bn.However, gross margin declined amid weak demand, with gross profit down by 23.6% YoY.Interest expenses rose, due to high interest rates, while the company showed good control over SG&amp;A. 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/Hold/TP: VND21,700) - Profit margins drop 

<ul><li>Strong growth in 2022, but under pressure at start of 2023: TNG’s revenue rose by an impressive 24.5% YoY, reaching VND6,778.1bn, even with orders weakening from 4Q22.</li><li>Gross profits recovered to 14.8% from 13.3% in 2021, nearly equal to the 2020 level.</li><li>As TNG continued to maintain high leverage and FX effects, financial expenses rose to VND278.9bn (+64.1% YoY).</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>

Strong growth in 2022, but under pressure at start of 2023: TNG’s revenue rose by an impressive 24.5% YoY, reaching VND6,778.1bn, even with orders weakening from 4Q22.Gross profits recovered to 14.8% from 13.3% in 2021, nearly equal to the 2020 level.As TNG continued to maintain high leverage and FX effects, financial expenses rose to VND278.9bn (+64.1% 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/Hold/TP: VND19,000) - Improved liquidity 

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 Investment and Trading JSC (TNG VN) - Opportunity in Chaos

TNG Investment and Trading JSC (TNG VN) is one of the fastest-growing garment companies in Vietnam, with a bold financial structure, and is one of...

Mirae Asset Securities

TNG - Upside Potential Is Limited as High-Growth Phase Ends

Using the Sum-of-the-Parts (SoTP) method, we conducted an initial valuation of TNG stock. We believe that the current stock price broadly reflects...

Rong Viet Securities

TNG Investment and Trading JSC - Maintaining Growth Momentum

TNG Investment and Trading JSC (TNG VN) is one of the fastest-growing garment companies in Vietnam, with a bold financial structure, and is one of...

Mirae Asset Securities

TNG Investment and Trading JSC (TNG VN/Hold/TP: VND21,700) - Profit margins drop

Growth in revenue maintained, but profit margins narrow: In 2Q23, TNG’s revenue saw a modest rise of 0.6% YoY, to VND1,995.1bn.

Mirae Asset Securities

TNG Investment and Trading JSC (TNG VN/Hold/TP: VND19,000) - Improved liquidity

Strong growth in 2022, but under pressure at start of 2023: TNG’s revenue rose by an impressive 24.5% YoY, reaching VND6,778.1bn, even with orders...

Mirae Asset Securities

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