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TCM [O-PF +14.9%] - Higher profitability in core business to drive H2 - Update

We maintain our OUTPERFORM (O-PF) rating for TCM with 14.9% total return amid expected improving revenue contribution from higher-margin garment and fabric segments. We forecast 83.1% 2017 NPAT-MI growth to reach VND209.3 billion (USD9.2 million) mainly due to higher gross margin expectations. Excluding a one-off sale of 10 ha of industrial park (IP) land at Xuyen A IP in Q2, NPAT-MI would increase by 60.3% vs 2016.