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

<ul><li>Song Hong Garment JSC (MSH VN) is a highly profitable garment company located in Northern Vietnam.</li><li>MSH operates more than 20 manufacturing workshops in Nam Dinh province, Vietnam, that are well-positioned logistically, with key product lines comprising CMT and FOB export garments (major revenue proportion).</li><li>MSH boasts a solid customer portfolio concentrated on the US market, including Walmart, Nike, Target, and Haddad Brands. </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>

Song Hong Garment JSC (MSH VN) is a highly profitable garment company located in Northern Vietnam.MSH operates more than 20 manufacturing workshops in Nam Dinh province, Vietnam, that are well-positioned logistically, with key product lines comprising CMT and FOB export garments (major revenue proportion).MSH boasts a solid customer portfolio concentrated on the US market, including Walmart, Nike, Target, and Haddad Brands. 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.

Song Hong Garment JSC - Gross Margin Improved

Song Hong Garment JSC (MSH VN/Buy/TP: VND48,400) - New clusters boost capacity

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

<ul><li>Although the Vietnam Textile industry has seen gradual improvement, we believe the business environment in the remainder of 2024 still faces challenges, mainly from macro uncertainties.</li><li>Thus, we maintain our Neutral rating for the Vietnam Textile industry.</li><li>Export growth slowdown: Vietnam’s textile industry maintained positive growth in exports during 7M24, although the momentum cooled in 2Q24.</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 gradual improvement, we believe the business environment in the remainder of 2024 still faces challenges, mainly from macro uncertainties.Thus, we maintain our Neutral rating for the Vietnam Textile industry.Export growth slowdown: Vietnam’s textile industry maintained positive growth in exports during 7M24, although the momentum cooled in 2Q24.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 (Neutral) - Global Uncertainties Obstruct Recovery

Vietnam

Song Hong Garment Joint Stock Company manufactures garments. The Company designs apparel such as pants, tops, dress, coats, jackets, and sweaters. Song Hong Garment serves customers worldwide.

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Song Hong Garment (MSH VN)

Song Hong Garment JSC - Gross Margin Improved

MSH operates more than 20 manufacturing workshops in Nam Dinh province, Vietnam, that are well-positioned logistically, with key product lines...

Mirae Asset Securities

Song Hong Garment JSC (MSH VN/Buy/TP: VND48,400) - New clusters boost capacity

MSH boasts a solid customer portfolio concentrated on the US market, including Walmart, Nike, Target, and Haddad Brands.

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

Vietnam Textile Industry (Neutral) - Global Uncertainties Obstruct Recovery

Although the Vietnam Textile industry has seen gradual improvement, we believe the business environment in the remainder of 2024 still faces...

Mirae Asset Securities

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