Company Insight

Initial Valuation with a BUY Recommendation, Target Price of 27,600 VND
TNG Investment and Trading JSC (HOSE: TNG) is one of Vietnam’s leading garment exporters, specializing in supplying apparel products to major global fashion brands such as Decathlon, Nike, Columbia, etc. We assess TNG’s medium- and long-term outlook as positive, supported by the following factors: (1) Superior production capacity and full compliance with the United Nations’ ESG standards; (2) The EU’s key markets are the driving force sustaining revenue and profit growth; (3) Son Cam 1 Industrial Cluster can bring long-term profits if existing obstacles are resolved. Based on the DCF method, we initial value TNG shares at VND 27,600; corresponding to an upside of 30%.