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TCM [OUTPERFORM +17.6%] - Slow-down in garment export sales drags on growth - Update

We maintain our OUTPERFORM rating on TCM with a 17.6% total stock return. We lower our target price by 17% to VND27,900 mainly due to lower-than-expected garment export sales, especially from US and EU markets. 2017 revenue and NPAT grew by 4.5% and 67.8%, respectively. We forecast 2018 revenue and NPAT to grow by 5.0% and 10.5%, respectively, due to a high base in 2017, continued strong growth in sales to Japan and a slowdown in sales to the EU.