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TCM – 1Q19 results registered contrasting topline and bottomline growth – Earnings Update

Company Note 24/04/2019    177

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  • Strong 1Q19 topline performance exceeded our expectations.
  • However, 1Q19 net profit fell 12.4% yoy due to contracting gross margin and rising SG&A expenses.
  • Possibility of collecting Sears’ receivables is unclear.
  • Terms of payment are being re-negotiated to mitigate risk of uncollectable receivables, starting with 2 clients Sears and Eddie Bauer.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND29,000

VND32,300

1.77%

HOLD

TEXTILES

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