Title | TNG Update Report - OUTPERFORM - Increasing orders from top customers |
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Category: | Company Report |
Source: | Bao Viet Securities |
Industry: | Consumer Goods |
Business: | TNG Investment And Trading Joint Stock Company |
Detail: |
08/05/2024
11
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English
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Summary: |
We use the DCF valuation method and P/E multiples for the garment segment and P/B multiples for the real estate segment. As a result, we introduce a new target price of VND26,612/share for TNG. We lift our target price for TNG from VND23,462/share (in our 2024 Strategy Report, issued on Dec 29, 2023) to VND26,612/share due to (1) an upward revision in projected sewing line growth for 2024 from 5% to 14%, and (2) an increase in forecasted FY24 GPM from 13.9% to 14.4%. With a closing price of VND 20,500 per share on May 6, 2024, TNG presents a potential upside of +29.8%. Thus, we maintain our OUTPERFORM rating for TNG. Based on the recovery of the textile and garment industry and TNG's sewing line expansion plans, we anticipate a positive trajectory for TNG’s stock price in 2024. ………………………………………………………………............. Please find the attached file below. |