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)

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<li>Garment manufacturing and exports enjoyed robust growth in 8M22.</li>
<li>The total export value of Vietnam's textile products estimated at more than US$26bn (+23.1% YoY), with exports to major markets increasing sharply, including the US (+22.5% YoY), the EU (+36% YoY), Japan (+21.9% YoY), South Korea (+20.5% YoY), and Canada (+48.5% YoY).</li>
<li>The market shares of Vietnamese fashion and clothing products in major markets have generally improved, with market share in the US rising from 17.6% to 18.5%; Japan from 14.1% to 15%; and the EU from 6.1% to 6.3%. Meanwhile, only South Korea recorded a decline, slipping from 31.8% to 29.3%.</li>
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<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 manufacturing and exports enjoyed robust growth in 8M22.
The total export value of Vietnam's textile products estimated at more than US$26bn (+23.1% YoY), with exports to major markets increasing sharply, including the US (+22.5% YoY), the EU (+36% YoY), Japan (+21.9% YoY), South Korea (+20.5% YoY), and Canada (+48.5% YoY).
The market shares of Vietnamese fashion and clothing products in major markets have generally improved, with market share in the US rising from 17.6% to 18.5%; Japan from 14.1% to 15%; and the EU from 6.1% to 6.3%. Meanwhile, only South Korea recorded a decline, slipping from 31.8% to 29.3%.


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 Industry (Overweight/Upgrade) - Positive results in garment segment

Equity Bottom-Up

TNG Investment and Trading / Equity Bottom-Up

<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 

<ul><li>In October, TNG Investment &amp; Trading JSC (TNG) recorded revenue of VND569.3bn (+23.2% YoY).</li><li>October gross margin reached 15.4%, improved compared with the 14.5% of October 2021.</li><li>Financial expenses in October increased by more than 157% YoY, reaching VND36.2bn.</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>

In October, TNG Investment &amp; Trading JSC (TNG) recorded revenue of VND569.3bn (+23.2% YoY).October gross margin reached 15.4%, improved compared with the 14.5% of October 2021.Financial expenses in October increased by more than 157% YoY, reaching VND36.2bn.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 & TRADING JSC - Diversifying Consumption Markets

Trading Buy (Downgrade) Upside +11.9% (TNG VN)<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>

Trading Buy (Downgrade) Upside +11.9% (TNG VN)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 & TRADING JSC (TNG VN/Trading buy/TP

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)

Textile Industry (Overweight/Upgrade) - Positive results in garment segment

The market shares of Vietnamese fashion and clothing products in major markets have generally improved, with market share in the US rising from...

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

TNG INVESTMENT & TRADING JSC - Diversifying Consumption Markets

In October, TNG Investment & Trading JSC (TNG) recorded revenue of VND569.3bn (+23.2% YoY). October gross margin reached 15.4%, improved compared...

Mirae Asset Securities

TNG INVESTMENT & TRADING JSC (TNG VN/Trading buy/TP

Trading Buy (Downgrade) Upside +11.9% (TNG VN)

Mirae Asset Securities

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