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>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

Thematic (Sector/Industry)

<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

<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

<ul><li>Although the Vietnam Textile industry has seen considerable growth, we believe the business environment in 2025 still faces challenges, mainly from geopolitical uncertainties.</li><li>Thus, we maintain our Neutral rating for the Vietnam Textile industry</li><li>Mixed performance between segments: Overall, Vietnam’s textile industry maintained positive growth in exports during 10M24, with increased export value in both fiber and textile products. </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 considerable growth, we believe the business environment in 2025 still faces challenges, mainly from geopolitical uncertainties.Thus, we maintain our Neutral rating for the Vietnam Textile industryMixed performance between segments: Overall, Vietnam’s textile industry maintained positive growth in exports during 10M24, with increased export value in both fiber and textile products. 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 - Mixed Performance in 10M2

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<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

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/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

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

Vietnam Textile Industry - Mixed Performance in 10M2

Although the Vietnam Textile industry has seen considerable growth, we believe the business environment in 2025 still faces challenges, mainly from...

Mirae Asset Securities

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

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