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TCM – Update – 20181030

Company Note 30/10/2018    132

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TCM enjoyed outstanding 3Q18 results on the back of a 26.5% yoy increase in garment revenue while fabric revenue rose 47.6% yoy. We expect TCM’s recurring earnings to grow 40.1% yoy in 2018 and 17.7% in 2019, driven by continuing vertical integration marked by the investment in a dyeing factory and benefits from the European Union-Vietnam FTA (EVFTA), which will boost garment exports to the EU. These factors outweigh the impact of the Sears bankruptcy.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND22,800

VND26,900

2.7%

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