Viet Dragon Securities - Analyst Pin-board Textile and garment industry – 2022 outlook: Bouncing back after the lockdown

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Viet Dragon Securities

Son Tran

Analyst Pin-board Textile and garment industry – 2022 outlook: Bouncing back after the lockdown

· Resuming production after 3Q2021 disruptions, we expect that 2022 textile and garment export value will recover strongly, driven by a strong pent-up demand after lockdown in many developed countries.

· We expect to see high growth for most companies in the industry, but we prefer the ones which completed new factories or have products made from eco-friendly materials.

· The market price of textile and garment stocks was adjusted down recently after the strong price performance. We believe this is a good opportunity to accumulate stocks that have clear growth potential in the future. We recommend buying STK with a target price of VND 67,500/share (+21%) due to bright recycled yarn prospects and the contribution of Unitex factory from 2023. With regards to MSH, we have an accumulate rating at VND 90,000 (+18%) driven by Song Hong 10 factory to boost NPAT growth in FY22-23. In contrast, we recommend selling TCM at VND 43,000 (-41%) mainly due to overvaluation.

24/12/2021 6 EN

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Viet Dragon Securities

Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.

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Analysts

Son Tran

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Analyst Pin-board Textile and garment industry – 2022 outlook: Bouncing back after the lockdown

OCB – 2024 Business Results Show Sharp Decline and Weakened Asset Quality

Restrained the fall

The trend of liquid milk in Vietnam – The foothold of 100% fresh cow's milk enterprises is increasing

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