TCM - Garment export growth keeps earnings on track - Earnings Flash
TCM’s Q1 2018 revenue and NPAT grew by 9.4% and 2.7%, respectively, vs Q1 2017. This was driven by (1) continued strong garment export sales to existing markets and (2) continued margin expansion thanks to a lower contribution from its low margin yarn segment. the results completed 26.8% of TCM’s guided 2018 revenue and 25.9% of guided NPAT. The results are also broadly in line with our forecasts, and therefore, we will likely maintain our current target price in our next update.