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TCM - Improving profitability, FOL lift are potential price catalysts - AGM Note

Management targets 5.6% and 55.5% growth in 2017 revenue and earnings, respectively, on the back of a pick-up in Vinh Long sewing factory efficiency and an improving product mix. A cash dividend of VND500/share (2.1% yield) and a share dividend of 5% were approved and will be executed in 2017. The bonus and welfare fund contribution ratio was lowered from 25% to 10%, which should benefit shareholders going forward.