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TCM – Potential earnings growth has been priced in – Update

Company Note 29/01/2021    157

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  • In FY20, TCM’s revenue declined 4.8% yoy and net profit soared 27.5% yoy, respectively making up 102.3% and 101.2% of full year forecast.
  • The agreement with Adidas is the key driver for FY21F NP.
  • We downgrade to Reduce from Hold as we believe the potential growth has been priced in.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND82,000

VND59,800

1.21%

REDUCE

CONSUMER GOODS

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