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>Vietnam's textile exports continued to perform well in 2022, with an estimated export value of US$37.6bn, representing a 14.5% YoY increase.</li><li>Key markets, such as the US, EU, Japan, and South Korea recorded growth, with the EU and Canada, supported by the EVFTA and CPTPP, showing significant growth of 31.2% YoY and 44% YoY, respectively.</li><li>The Japanese market also recorded a strong increase, after several years of stable or declining performance. </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>

Vietnam's textile exports continued to perform well in 2022, with an estimated export value of US$37.6bn, representing a 14.5% YoY increase.Key markets, such as the US, EU, Japan, and South Korea recorded growth, with the EU and Canada, supported by the EVFTA and CPTPP, showing significant growth of 31.2% YoY and 44% YoY, respectively.The Japanese market also recorded a strong increase, after several years of stable or declining performance. 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) - Support from FTAs

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<ul>
<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>
</ul>
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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

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

Rong Viet Securities

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Equity Bottom-Up

TNG Investment and Trading / Equity Bottom-Up

<ul><li>In Q2-FY25, TNG recorded revenue of VND 2,528 billion (+67% YoY) and NPAT of VND 120 billion (+39% YoY), which is in line with our projections.</li><li>Revenue growth was driven by contributions from key clients Decathlon and Columbia. Decathlon maintained its position as TNG’s largest customer, while Columbia recorded strong growth, showing an early order trend, ahead of U.S. countervailing duties. </li><li>Optimization of SG&amp;A expenses was a key driver of profit growth, with SG&amp;A expenses reaching VND 152 billion (+6% 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>

In Q2-FY25, TNG recorded revenue of VND 2,528 billion (+67% YoY) and NPAT of VND 120 billion (+39% YoY), which is in line with our projections.Revenue growth was driven by contributions from key clients Decathlon and Columbia. Decathlon maintained its position as TNG’s largest customer, while Columbia recorded strong growth, showing an early order trend, ahead of U.S. countervailing duties. Optimization of SG&amp;A expenses was a key driver of profit growth, with SG&amp;A expenses reaching VND 152 billion (+6% 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 - Market Diversification and Cost Optimization Drive Profit Growth

<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

<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

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) - Support from FTAs

Vietnam's textile exports continued to perform well in 2022, with an estimated export value of US$37.6bn, representing a 14.5% YoY increase.

Mirae Asset Securities

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 - Market Diversification and Cost Optimization Drive Profit Growth

In Q2-FY25, TNG recorded revenue of VND 2,528 billion (+67% YoY) and NPAT of VND 120 billion (+39% YoY), which is in line with our projections.

Rong Viet Securities

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

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