Company Insight

TNG Investment and Trading JSC (HOSE: TNG) is a leading Vietnamese garment exporter, supplying major fashion brands such as Decathlon, Nike, and Columbia. In 1H2026, TNG posted positive business results, with net revenue rising +21% YoY and NPAT increasing +27% YoY. This growth was driven by a trend of accelerated shipments ahead of the effective date of Section 301 tariffs. Looking ahead to 2H2026, we anticipate a slowdown in TNG’s business performance as certain supporting factors from 1H2026 wane. However, full-year NPAT is still projected to grow by +11% YoY, supported by secured orders extending through the end of 2026 and the assessment that the impact of Section 301 tariffs will be limited in 2026. Based on the Discounted Cash Flow (DCF) method, we have updated TNG’s target price to VND 24,900, representing an upside of 44.9%.