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

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives.

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

TNG Investment and Trading / Equity Bottom-Up

<ul><li>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 2036.</li><li>Thus, we maintain our target price at VND26,500, but upgrade our rating to Buy (from Hold), as the stock price has declined 18.1% since our last report (VN-Index: +9.1%).</li><li>Vietnam garment exports remained strong with March and 1Q26 export values at US$3.1bn (+3.0% YoY) and US$8.8bn (+1.9% YoY).</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>

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 2036.Thus, we maintain our target price at VND26,500, but upgrade our rating to Buy (from Hold), as the stock price has declined 18.1% since our last report (VN-Index: +9.1%).Vietnam garment exports remained strong with March and 1Q26 export values at US$3.1bn (+3.0% YoY) and US$8.8bn (+1.9% 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/Buy/TP: VND26,500) - Steady Results in 1Q26