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Equity Bottom-Up

Tien Giang Investment and Construction / Equity Bottom-Up

Tien Giang Investment and Construction (THG VN)

<ul><li>Net revenue reached 556 billion VND (+24% QoQ; -11% YoY), lower than expected.</li><li>The concrete &amp; construction materials segment reached 356 billion VND (+20% QoQ; -4% YoY), and the construction segment reached 149 billion VND (+50% QoQ; +6% YoY), while the real estate &amp; industrial park segment decreased sharply to 51 billion VND (-54% YoY) due to declining contributions from the D7 project and revenue from Gia Thuan 2 not yet being recognized.</li><li>Gross profit reached 118 billion VND (+15% QoQ; -10% YoY), corresponding to a gross margin of 21.2% (-164 bps QoQ; +26 bps 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>

Net revenue reached 556 billion VND (+24% QoQ; -11% YoY), lower than expected.The concrete &amp; construction materials segment reached 356 billion VND (+20% QoQ; -4% YoY), and the construction segment reached 149 billion VND (+50% QoQ; +6% YoY), while the real estate &amp; industrial park segment decreased sharply to 51 billion VND (-54% YoY) due to declining contributions from the D7 project and revenue from Gia Thuan 2 not yet being recognized.Gross profit reached 118 billion VND (+15% QoQ; -10% YoY), corresponding to a gross margin of 21.2% (-164 bps QoQ; +26 bps 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.

THG - Gia Thuan 2 is expected to contribute to business results