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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Despite disappointing results for Song Hong Garment JSC (MSH) in 1H23, we believe the company’s revenue should improve in the remainder of 2023, as the company has a solid customer portfolio, as well as having experience in producing high-profit-margin FOB orders.</li><li>Nevertheless, we believe profit margins need more time to fully recover.</li><li>We forecast MSH’s 2023 revenue and NPATMI at VND4,707bn (-14.8% YoY, down from VND5,125bn) and VND236.6bn (-36.9% YoY, down from VND322.5), respectively, assuming the SH10 project breaks even.</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>

Despite disappointing results for Song Hong Garment JSC (MSH) in 1H23, we believe the company’s revenue should improve in the remainder of 2023, as the company has a solid customer portfolio, as well as having experience in producing high-profit-margin FOB orders.Nevertheless, we believe profit margins need more time to fully recover.We forecast MSH’s 2023 revenue and NPATMI at VND4,707bn (-14.8% YoY, down from VND5,125bn) and VND236.6bn (-36.9% YoY, down from VND322.5), respectively, assuming the SH10 project breaks even.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.

Song Hong Garment JSC  - Signs of Improvement