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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Vietnam's textile exports continued to perform well in 2022, with an estimated export value of US$37.6bn, representing a 14.5% YoY increase.</li><li>Key markets, such as the US, EU, Japan, and South Korea recorded growth, with the EU and Canada, supported by the EVFTA and CPTPP, showing significant growth of 31.2% YoY and 44% YoY, respectively.</li><li>The Japanese market also recorded a strong increase, after several years of stable or declining performance. </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>

Vietnam's textile exports continued to perform well in 2022, with an estimated export value of US$37.6bn, representing a 14.5% YoY increase.Key markets, such as the US, EU, Japan, and South Korea recorded growth, with the EU and Canada, supported by the EVFTA and CPTPP, showing significant growth of 31.2% YoY and 44% YoY, respectively.The Japanese market also recorded a strong increase, after several years of stable or declining performance. 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) - Support from FTAs

Equity Bottom-Up

<ul><li>In 3Q22, MSH recorded revenue of VND1,645.2bn (+26.9% YoY).</li><li>However, gross margin and operating profit margin decreased to 14.9% and 8.9%, respectively (versus a respective 17.6% and 11.5% in 3Q21).</li><li>Financial income increased strongly in 3Q22, reaching VND41.4bn (+57.4% YoY). 3Q22 NPAT reached VND111.3bn (-6.3% 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>

In 3Q22, MSH recorded revenue of VND1,645.2bn (+26.9% YoY).However, gross margin and operating profit margin decreased to 14.9% and 8.9%, respectively (versus a respective 17.6% and 11.5% in 3Q21).Financial income increased strongly in 3Q22, reaching VND41.4bn (+57.4% YoY). 3Q22 NPAT reached VND111.3bn (-6.3% 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.

Song Hong Garment JSC (MSH VN/Buy/TP: VND43,000) - Revenue on the Rise

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Song Hong Garment (MSH VN)

Vietnam Textile Industry (Neutral) - Support from FTAs

Vietnam's textile exports continued to perform well in 2022, with an estimated export value of US$37.6bn, representing a 14.5% YoY increase.

Mirae Asset Securities

Song Hong Garment JSC (MSH VN/Buy/TP: VND43,000) - Revenue on the Rise

In 3Q22, MSH recorded revenue of VND1,645.2bn (+26.9% YoY). However, gross margin and operating profit margin decreased to 14.9% and 8.9% respectively

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)