TCM – 1Q19 results registered contrasting topline and bottomline growth – Earnings Update
- 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.
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Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
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VND29,000
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VND32,300
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1.77%
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HOLD
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TEXTILES
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