External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

TNG Investment & Trading Jsc / Equity Bottom-Up

<ul><li>Using the Sum-of-the-Parts (SoTP) method, we conducted an initial valuation of TNG stock.</li><li>We believe that the current stock price broadly reflects the company’s long-term growth prospects.</li><li>Our target price for TNG is VND 26,700/share, corresponding to a projected P/E ratio of 9.8x for 2024. </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>

Using the Sum-of-the-Parts (SoTP) method, we conducted an initial valuation of TNG stock.We believe that the current stock price broadly reflects the company’s long-term growth prospects.Our target price for TNG is VND 26,700/share, corresponding to a projected P/E ratio of 9.8x for 2024. 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 - Upside Potential Is Limited as High-Growth Phase Ends

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

Mirae Asset Securities

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.

<ul><li>TNG Investment and Trading JSC (TNG VN) is one of the fastest-growing garment companies in Vietnam, with a bold financial structure, and is one of Vietnam’s top garment exporters.</li><li>The company has a diversified customer portfolio that encompasses many key Vietnam textile export markets.</li><li>TNG’s key business is in CMT garment production, and the company possesses over 300 manufacturing lines in 18 branches, based in Thai Nguyen province, Vietnam.</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>

TNG Investment and Trading JSC (TNG VN) is one of the fastest-growing garment companies in Vietnam, with a bold financial structure, and is one of Vietnam’s top garment exporters.The company has a diversified customer portfolio that encompasses many key Vietnam textile export markets.TNG’s key business is in CMT garment production, and the company possesses over 300 manufacturing lines in 18 branches, based in Thai Nguyen province, Vietnam.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 - Maintaining Growth Momentum

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

TNG Investment & Trading JSC manufactures and exports apparel.

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TNG Investment & Trading Jsc (TNG VN)

TNG - Upside Potential Is Limited as High-Growth Phase Ends

Using the Sum-of-the-Parts (SoTP) method, we conducted an initial valuation of TNG stock. We believe that the current stock price broadly reflects...

Rong Viet Securities

TNG Investment and Trading JSC - Maintaining Growth Momentum

TNG Investment and Trading JSC (TNG VN) is one of the fastest-growing garment companies in Vietnam, with a bold financial structure, and is one of...

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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