Company Insight

Thanh Cong Textile Garment Investment Trading Joint Stock Company (HOSE: TCM) is one of the leading textile and garment enterprises in Vietnam with closed production cycle from yarn-weaving/knitting-dyeing-sewing-distribution. TCM is currently in the top 3 listed textile and garment enterprises with the largest capitalization on HOSE. In 2025, TCM recorded net revenue of 3,644 billion VND (-4% YoY), NPAT of 272 billion VND (-2% YoY), completing 81% and 97% of the annual plan respectively. The challenges from tariffs in 2025 have weakened export orders and caused a decline in TCM's revenue. Entering 2026, with demand in key export markets (South Korea, the US) anticipated to slow down due to inflation, slower labor market income growth, and competitive pressure from China and Bangladesh, we assess that TCM's garment export performance is anticipated to weaken. However, the fabric segment will help mitigate the negative impact on TCM's business as domestic fabric demand remains stable thanks to the trend of domestic fabric imports by Vietnamese businesses. Based on the DCF method, we update our target price for TCM to VND 28,200; corresponding to an upside of 10.6%.