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TCM - Weak earnings due to high material costs and labor expenses - Earnings Flash

TCM reported H1 2016 results yesterday. H1 2016 consolidated revenue increased by 13% vs H1 2015, in line with our expectations. H1 2016 NPAT, however, plunged by 43%, trailing our full year forecast. Given this poor performance and slowing textile exports from Vietnam, we may revise down our 2016 forecasts and our target price in our next update report.