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

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