TCM – Update – 20181030

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.

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