A promising start with solid earnings

TNG delivered strong 1Q26 results, with revenue rising 29.2% YoY, supported by robust order intake from EU clients. NPAT-MI increased 39.2% YoY, though this was largely driven by a one-off surge in other income, while gross margin declined amid higher input costs. Despite ongoing global uncertainties, TNG’s outlook remains positive, underpinned by resilient demand from the EU, upcoming major events, and improving cost control prospects. We maintain our BUY rating with a 12-month target price of VND30,200, implying 37.1% upside.