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>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 