TNG is the fastest growing listed garment producer in Vietnam with 2013-2019 revenue and NPAT CAGR of 26% and 59% vs MSH (13%, 32%), VGG (11%, 9%) and M10 (11%, 14%). We are positive on TNG’s outlook owing to rising demand from its European customers (54% of TNG’s 2018 sales) that include (1) Decathlon (~44% of sales), which is well-positioned to benefit from the newly signed EVFTA as it has already established its fabric weaving capacity in Vietnam, and (2) Sportmaster, which has already