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>Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products.</li><li>The company’s main products are virgin and recycled DTY, FDY, and POY.</li><li>STK currently operates two spinning factories, located in HCMC and Dong Nai province, with a total capacity of 63,000 tons/annum. </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>

Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products.The company’s main products are virgin and recycled DTY, FDY, and POY.STK currently operates two spinning factories, located in HCMC and Dong Nai province, with a total capacity of 63,000 tons/annum. 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) - Gradual Improvement

<ul><li>After facing headwinds in 1H23, we believe signs of recovery appeared in late-2Q23 and July.</li><li>We expect improvements in textile orders and demand in Vietnam key export markets from mid-3Q23.</li><li>Thus, we upgrade our rating for the Vietnam Textile industry to Neutral (from Underweight)</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>

After facing headwinds in 1H23, we believe signs of recovery appeared in late-2Q23 and July.We expect improvements in textile orders and demand in Vietnam key export markets from mid-3Q23.Thus, we upgrade our rating for the Vietnam Textile industry to Neutral (from Underweight)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) - Signs of recovery from 2H23

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

<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

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 Textile Industry (Neutral) - Gradual Improvement

Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products. The company’s main products are virgin...

Mirae Asset Securities

Vietnam Textile Industry (Neutral) - Signs of recovery from 2H23

After facing headwinds in 1H23, we believe signs of recovery appeared in late-2Q23 and July. We expect improvements in textile orders and demand in...

Mirae Asset Securities

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

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