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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

TNG Investment & Trading Jsc / 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

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

Rong Viet Securities

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<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

Thematic (Sector/Industry)

<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>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 & Trading JSC manufactures and exports apparel.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TNG Investment & Trading Jsc (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

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

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)