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>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

TNG Investment & Trading Jsc / Equity Bottom-Up

<ul><li>In October, TNG Investment &amp; Trading JSC (TNG) recorded revenue of VND569.3bn (+23.2% YoY).</li><li>October gross margin reached 15.4%, improved compared with the 14.5% of October 2021.</li><li>Financial expenses in October increased by more than 157% YoY, reaching VND36.2bn.</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 October, TNG Investment &amp; Trading JSC (TNG) recorded revenue of VND569.3bn (+23.2% YoY).October gross margin reached 15.4%, improved compared with the 14.5% of October 2021.Financial expenses in October increased by more than 157% YoY, reaching VND36.2bn.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 & TRADING JSC - Diversifying Consumption Markets

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<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

Trading Buy (Downgrade) Upside +11.9% (TNG VN)<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>

Trading Buy (Downgrade) Upside +11.9% (TNG VN)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 & TRADING JSC (TNG VN/Trading buy/TP

Vietnam

TNG Investment & Trading JSC manufactures and exports apparel.

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TNG Investment & Trading Jsc (TNG 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

TNG INVESTMENT & TRADING JSC - Diversifying Consumption Markets

In October, TNG Investment & Trading JSC (TNG) recorded revenue of VND569.3bn (+23.2% YoY). October gross margin reached 15.4%, improved compared...

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

TNG INVESTMENT & TRADING JSC (TNG VN/Trading buy/TP

Trading Buy (Downgrade) Upside +11.9% (TNG VN)

Mirae Asset Securities

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