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TCM – Growing near-term pain from US-China trade dispute – Update

Company Note 05/08/2019    126

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  • Subdued yarn business amid weak demand from China as a result of trade tension.
  • Higher labour cost and lower yarn ASP squeezed 1H19 gross margin.
  • No final court ruling yet on Sears’s uncollectable receivables.
  • Downgrade to HOLD rating with lower target price of VND28,200.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND26,300

VND28,200

1.98%

HOLD

TEXTILES

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