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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Thematic (Sector/Industry)

<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

<ul><li>In the first months of 2023, demand for textiles and garments in key markets weakened on recession fears.</li><li>Vietnam’s textile exports in 4M23 were estimated at US$9.6bn (-19.3% YoY).</li><li>Notably, there was divergence among the main markets.</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 the first months of 2023, demand for textiles and garments in key markets weakened on recession fears.Vietnam’s textile exports in 4M23 were estimated at US$9.6bn (-19.3% YoY).Notably, there was divergence among the main markets.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 (Underweight) - 1Q23 update

<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

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<ul>
<li>Garment manufacturing and exports enjoyed robust growth in 8M22.</li>
<li>The total export value of Vietnam's textile products estimated at more than US$26bn (+23.1% YoY), with exports to major markets increasing sharply, including the US (+22.5% YoY), the EU (+36% YoY), Japan (+21.9% YoY), South Korea (+20.5% YoY), and Canada (+48.5% YoY).</li>
<li>The market shares of Vietnamese fashion and clothing products in major markets have generally improved, with market share in the US rising from 17.6% to 18.5%; Japan from 14.1% to 15%; and the EU from 6.1% to 6.3%. Meanwhile, only South Korea recorded a decline, slipping from 31.8% to 29.3%.</li>
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<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>



Garment manufacturing and exports enjoyed robust growth in 8M22.
The total export value of Vietnam's textile products estimated at more than US$26bn (+23.1% YoY), with exports to major markets increasing sharply, including the US (+22.5% YoY), the EU (+36% YoY), Japan (+21.9% YoY), South Korea (+20.5% YoY), and Canada (+48.5% YoY).
The market shares of Vietnamese fashion and clothing products in major markets have generally improved, with market share in the US rising from 17.6% to 18.5%; Japan from 14.1% to 15%; and the EU from 6.1% to 6.3%. Meanwhile, only South Korea recorded a decline, slipping from 31.8% to 29.3%.


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 Industry (Overweight/Upgrade) - Positive results in garment segment

Equity Bottom-Up

Thanh Cong Textile Garment Investment Trading JSC / Equity Bottom-Up

Thanh Cong Textile Garment Investment Trading JSC

Thanh Cong Textile Garment Investment JSC (HOSE: TCM)<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>

Thanh Cong Textile Garment Investment JSC (HOSE: TCM)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.

Thanh Cong Textile Garment Investment JSC (TCM VN/ BUY)

Vietnam

Thanh Cong Textile Garment Investment Trading JSC manufactures and markets textiles and garments. The Company produces threads, fabric garments, chemicals and dyeing substances. The company also offers equipment and machinery used in the textile and clothing production.

Thanh Cong Textile Garment Investment Trading JSC (TCM VN)

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Thanh Cong Textile Garment Investment Trading JSC (TCM VN)

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

Vietnam Textile Industry (Underweight) - 1Q23 update

In the first months of 2023, demand for textiles and garments in key markets weakened on recession fears. Vietnam’s textile exports in 4M23 were...

Mirae Asset Securities

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

Textile Industry (Overweight/Upgrade) - Positive results in garment segment

The market shares of Vietnamese fashion and clothing products in major markets have generally improved, with market share in the US rising from...

Mirae Asset Securities

Thanh Cong Textile Garment Investment JSC (TCM VN/ BUY)

Thanh Cong Textile Garment Investment JSC (HOSE: TCM)

Mirae Asset Securities

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