T&A Industry: More pain than gain from trade war – Update

• Good news is Vietnam gained market share in the U.S amid trade war tension, but more pain than gain.
• Listed T&A companies had a lacklustre performance in 9M19.
• In 9M19, only a few large listed T&A companies in our observation (e.g., STK, MSH, PPH, EVE), enjoyed a gross margin expansion.
• We maintain Neutral outlook in short-term, however, in the long term, our view is positive.
  Our top pick is MSH.

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