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

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

Equity Bottom-Up

TNG Investment and Trading / Equity Bottom-Up

<ul><li>Valuation and rating 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 2035.</li><li>Thus, we maintain our target price of VND24,500 (dividend adjusted), but upgrade our rating to Buy (from Trading Buy), as the stock price has declined 12.6% since our last report (VN-Index: +10.2%).</li><li>Vietnam garment exports maintained a solid growth of 8.6% YoY in 9M25 and 9.1% YoY in September, reaching US$29.7bn and US$3.3bn.</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>

Valuation and rating 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 2035.Thus, we maintain our target price of VND24,500 (dividend adjusted), but upgrade our rating to Buy (from Trading Buy), as the stock price has declined 12.6% since our last report (VN-Index: +10.2%).Vietnam garment exports maintained a solid growth of 8.6% YoY in 9M25 and 9.1% YoY in September, reaching US$29.7bn and US$3.3bn.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: VND24,500) - Steady Performance in 3Q25

<ul><li>Garment slowed down, fiber exports recovered: During the first four months of 2026, Vietnamese textile exports held steady, driven by gains in both the finished textile and fiber segments.</li><li>Textile product export value reached US$3.1bn (+0.8% YoY) in April and US$11.9bn (+1.6% YoY) for 4M26, sustaining its upward trajectory.</li><li>Overall, Vietnam's global apparel market share remained stable, although performance varied across key destinations. </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 slowed down, fiber exports recovered: During the first four months of 2026, Vietnamese textile exports held steady, driven by gains in both the finished textile and fiber segments.Textile product export value reached US$3.1bn (+0.8% YoY) in April and US$11.9bn (+1.6% YoY) for 4M26, sustaining its upward trajectory.Overall, Vietnam's global apparel market share remained stable, although performance varied across key destinations. 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) - Weakening Signals in Key Markets

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>Chew raises TeleChoice target price to 27.5 cents due to mobile logistics growth.</li><li>RHB's Yeo maintains 'buy' on HRnetGroup, raises target price to 83 cents.</li><li>Wong raises FEHT target price to 75 cents on tourism recovery and value potential.</li></ul>

Chew raises TeleChoice target price to 27.5 cents due to mobile logistics growth.RHB's Yeo maintains 'buy' on HRnetGroup, raises target price to 83 cents.Wong raises FEHT target price to 75 cents on tourism recovery and value potential.

Singapore Market Roundup (17-Mar-2026): Chew raises TeleChoice target to 27.5 cents on growth.

<ul><li>As the US reciprocal tariffs come into effect, we expect the competitive edge for Vietnam textiles to hold steady.</li><li>Furthermore, recent geopolitical volatility might even provide some upside for the industry.</li><li>However, a high-tariff environment is likely to dampen overall demand in the US market and lead to fiercer competition in other key regions.</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>

As the US reciprocal tariffs come into effect, we expect the competitive edge for Vietnam textiles to hold steady.Furthermore, recent geopolitical volatility might even provide some upside for the industry.However, a high-tariff environment is likely to dampen overall demand in the US market and lead to fiercer competition in other key regions.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) - Holding ground in a volatile environment

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)

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

TNG Investment and Trading JSC (TNG VN/Buy/TP: VND24,500) - Steady Performance in 3Q25

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...

Mirae Asset Securities

Vietnam Textile Industry (Neutral) - Weakening Signals in Key Markets

During the first four months of 2026, Vietnamese textile exports held steady, driven by gains in both the finished textile and fiber segments.

Mirae Asset Securities

Singapore Market Roundup (17-Mar-2026): Chew raises TeleChoice target to 27.5 cents on growth.

Chew raises TeleChoice target to 27.5c; RHB's Yeo maintains 'buy' on HRnetGroup, target at 83c; Wong raises FEHT target to 75c on tourism recovery.

Singapore Market Roundup

Vietnam Textile Industry (Neutral) - Holding ground in a volatile environment

Given the interweaving of positive and negative macroeconomic factors, we maintain our Neutral rating for the Vietnam Textile Industry

Mirae Asset Securities

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