Analyst Pin-board TCM – 6M2020 Result and AGM Update
We attended TCM’s 2020 AGM. All proposals were approved. The management shared that export of traditional products has been hit hard by COVID-19. However, antibacterial mask and protective medical clothing products became the savior to limit the impact of the pandemic. As 2Q results are better than our forecast, we revise up our target price for TCM from VND 22,000/share to VND 22,800/share. With an expected cash dividend of VND 500/share in the next 12 months, the total return is 14%. We recommend to ACCUMULATE the stock.
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