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. 

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Equity Bottom-Up

TNG Investment & Trading Jsc / 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 

Thematic (Sector/Industry)

<ul><li>Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products.</li><li>The company’s main products are virgin and recycled DTY, FDY, and POY.</li><li>STK currently operates two spinning factories, located in HCMC and Dong Nai province, with a total capacity of 63,000 tons/annum. </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>

Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products.The company’s main products are virgin and recycled DTY, FDY, and POY.STK currently operates two spinning factories, located in HCMC and Dong Nai province, with a total capacity of 63,000 tons/annum. 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) - Gradual Improvement

<ul><li>After facing headwinds in 1H23, we believe signs of recovery appeared in late-2Q23 and July.</li><li>We expect improvements in textile orders and demand in Vietnam key export markets from mid-3Q23.</li><li>Thus, we upgrade our rating for the Vietnam Textile industry to Neutral (from Underweight)</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>

After facing headwinds in 1H23, we believe signs of recovery appeared in late-2Q23 and July.We expect improvements in textile orders and demand in Vietnam key export markets from mid-3Q23.Thus, we upgrade our rating for the Vietnam Textile industry to Neutral (from Underweight)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) - Signs of recovery from 2H23

<ul><li>In the first months of 2023, demand for textiles and garments in key markets weakened on recession fears.</li><li>Vietnam’s textile exports in 4M23 were estimated at US$9.6bn (-19.3% YoY).</li><li>Notably, there was divergence among the main markets.</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 the first months of 2023, demand for textiles and garments in key markets weakened on recession fears.Vietnam’s textile exports in 4M23 were estimated at US$9.6bn (-19.3% YoY).Notably, there was divergence among the main markets.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 (Underweight) - 1Q23 update

<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 

Vietnam

TNG Investment & Trading JSC manufactures and exports apparel.

TNG Investment & Trading Jsc (TNG VN)

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

Vietnam Textile Industry (Neutral) - Gradual Improvement

Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products. The company’s main products are virgin...

Mirae Asset Securities

Vietnam Textile Industry (Neutral) - Signs of recovery from 2H23

After facing headwinds in 1H23, we believe signs of recovery appeared in late-2Q23 and July. We expect improvements in textile orders and demand in...

Mirae Asset Securities

Vietnam Textile Industry (Underweight) - 1Q23 update

In the first months of 2023, demand for textiles and garments in key markets weakened on recession fears. Vietnam’s textile exports in 4M23 were...

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