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

Vietnam National Textile & G / Equity Bottom-Up

<ul><li>Raise TP to VND12,100; maintain Hold rating: We used the discounted free cash flow for the firm (FCFF) method to value Vietnam National Textile &amp; Garment Group (VGT) stock, with the following assumptions: 1) A required rate of return of 14% (down from the previous 15%, amid the SBV's current loose monetary policy);</li><li>2) a terminal growth rate in 2033 of 0%; and 3) the likelihood of a reduction in VGT’s investment activities, in light of the high CAPEX recorded in the period of 2010–2021, as well as its recent divestment.</li><li>We raise our target price for VGT to VND12,100 (from VND10,600, with cash dividends adjusted) and maintain our Hold rating.</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>

Raise TP to VND12,100; maintain Hold rating: We used the discounted free cash flow for the firm (FCFF) method to value Vietnam National Textile &amp; Garment Group (VGT) stock, with the following assumptions: 1) A required rate of return of 14% (down from the previous 15%, amid the SBV's current loose monetary policy);2) a terminal growth rate in 2033 of 0%; and 3) the likelihood of a reduction in VGT’s investment activities, in light of the high CAPEX recorded in the period of 2010–2021, as well as its recent divestment.We raise our target price for VGT to VND12,100 (from VND10,600, with cash dividends adjusted) and maintain our Hold rating.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 National Textile & Garment Group - Pressured by Weak Demand

Thematic (Sector/Industry)

<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

<p>In 2022, Vietnam National Textile &amp; Garment Group (VGT) continued to enjoy recovery momentum, as the global economy gradually returned to normal. VGT’s revenue reached VND18,388bn (+14.7% YoY), marking a third consecutive year of increase.</p><p>Gross profit fellby 6.6% YoY toVND2,006.7bn, while interest ratesand FX ratios fluctuated,which had mixed effects on financial activities. Operating profit reached VND1,233.5bn (-17% YoY), while operating margin fell to 6.7%, from 9.3% in 2021. NPAT dropped to VND1,069.6bn (-19.2% YoY), with a net margin of 5.8% (down from 8.3% in 2021).</p><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 2022, Vietnam National Textile &amp; Garment Group (VGT) continued to enjoy recovery momentum, as the global economy gradually returned to normal. VGT’s revenue reached VND18,388bn (+14.7% YoY), marking a third consecutive year of increase.Gross profit fellby 6.6% YoY toVND2,006.7bn, while interest ratesand FX ratios fluctuated,which had mixed effects on financial activities. Operating profit reached VND1,233.5bn (-17% YoY), while operating margin fell to 6.7%, from 9.3% in 2021. NPAT dropped to VND1,069.6bn (-19.2% YoY), with a net margin of 5.8% (down from 8.3% in 2021).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 National Textile & Garment Group - Weakening Demand Threatens Recovery

<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

<div>
<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>
</ul>
</div>
<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

Vietnam

Vietnam National Textile and Garment Group, doing business as Vinatex, operates as a textile firm. The Company offers printed clothes and other designer wear. Vinatex serves customers in Vietnam.

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Vietnam National Textile & G (VGT VN)

Vietnam National Textile & Garment Group - Pressured by Weak Demand

We used the discounted free cash flow for the firm (FCFF) method to value Vietnam National Textile & Garment Group (VGT) stock

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 National Textile & Garment Group - Weakening Demand Threatens Recovery

In 2022, Vietnam National Textile & Garment Group (VGT) continued to enjoy recovery momentum, as the global economy gradually returned to normal.

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

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