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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

Century Synthetic Fiber / Equity Bottom-Up

<ul><li>Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products.</li><li>The company’s main products are virgin and recycled DTY, FDY, and POY.</li><li>STK currently operates two spinning factories (located in HCMC and Dong Nai provinces), with a total capacity of 63,000 tons/annum.</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>

Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products.The company’s main products are virgin and recycled DTY, FDY, and POY.STK currently operates two spinning factories (located in HCMC and Dong Nai provinces), with a total capacity of 63,000 tons/annum.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.

Century Synthetic Fiber Corporation - Recovery Halted by System Errors

Century Synthetic Fiber Corporation - Gross Margin Widens

<ul><li>Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products.</li><li>The company’s main products are virgin and recycled DTY, FDY, and POY.</li><li>STK currently operates two spinning factories (located in HCMC and Dong Nai province, respectively), with a total capacity of 63,000 tons/annum.</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>

Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products.The company’s main products are virgin and recycled DTY, FDY, and POY.STK currently operates two spinning factories (located in HCMC and Dong Nai province, respectively), with a total capacity of 63,000 tons/annum.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.

Century Synthetic Fiber Corporation - Turnaround Expectations

Thematic (Sector/Industry)

<ul><li>Although the Vietnam Textile industry has seen considerable growth, we believe the business environment in 2025 still faces challenges, mainly from geopolitical uncertainties.</li><li>Thus, we maintain our Neutral rating for the Vietnam Textile industry</li><li>Mixed performance between segments: Overall, Vietnam’s textile industry maintained positive growth in exports during 10M24, with increased export value in both fiber and textile products. </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>

Although the Vietnam Textile industry has seen considerable growth, we believe the business environment in 2025 still faces challenges, mainly from geopolitical uncertainties.Thus, we maintain our Neutral rating for the Vietnam Textile industryMixed performance between segments: Overall, Vietnam’s textile industry maintained positive growth in exports during 10M24, with increased export value in both fiber and textile products. 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.

Vietnam Textile Industry - Mixed Performance in 10M2

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li><p style="text-align: justify; font-size: 12px; font-family: Manrope;"><strong><span style="font-size: 16px; font-family: Manrope, system-ui, sans-serif;">Textiles and garments (T&amp;G) together are Vietnam’s second-largest export industry. </span></strong><span style="font-family: Manrope,system-ui,sans-serif;"><span style="font-size: 16px;">While their combined share of Vietnam’s total export value dropped from 16% in 2011 to 11% in 2023, the trade surplus as a percentage of export value increased from 41% to 53% during the same period.</span></span></p></li><li>This shift suggests greater profitability of Vietnam’s T&amp;G industry, which we attribute to the fact that industry is evolving from low-cost production to higher value-added activities.</li><li>This is bolstered by improved supply chains, production efficiency, and Vietnam’s involvement in key free trade agreements (FTAs).</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>

Textiles and garments (T&amp;G) together are Vietnam’s second-largest export industry. While their combined share of Vietnam’s total export value dropped from 16% in 2011 to 11% in 2023, the trade surplus as a percentage of export value increased from 41% to 53% during the same period.This shift suggests greater profitability of Vietnam’s T&amp;G industry, which we attribute to the fact that industry is evolving from low-cost production to higher value-added activities.This is bolstered by improved supply chains, production efficiency, and Vietnam’s involvement in key free trade agreements (FTAs).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.

Textile Sector - Upstream expansion to support higher returns

Vietnam

Century Synthetic Fiber Corporation engages in the production and sale of synthetic yarns and knitting products in Vietnam. The company was founded in 2011 and is headquartered in Ho Chi Minh City, Vietnam.

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Century Synthetic Fiber (STK VN)

Century Synthetic Fiber Corporation - Recovery Halted by System Errors

STK currently operates two spinning factories (located in HCMC and Dong Nai provinces), with a total capacity of 63,000 tons/annum.

Mirae Asset Securities

Century Synthetic Fiber Corporation - Gross Margin Widens

STK currently operates two spinning factories (located in HCMC and Dong Nai provinces), with a total capacity of 63,000 tons/annum.

Mirae Asset Securities

Century Synthetic Fiber Corporation - Turnaround Expectations

STK currently operates two spinning factories (located in HCMC and Dong Nai province, respectively), with a total capacity of 63,000 tons/annum.

Mirae Asset Securities

Vietnam Textile Industry - Mixed Performance in 10M2

Although the Vietnam Textile industry has seen considerable growth, we believe the business environment in 2025 still faces challenges, mainly from...

Mirae Asset Securities

Textile Sector - Upstream expansion to support higher returns

While their combined share of Vietnam’s total export value dropped from 16% in 2011 to 11% in 2023, the trade surplus as a percentage of export...

Vietcap

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