We reiterate our BUY rating on GTN with TP unchanged. As discussed in our initiation report in July 2016, GTN’s P&L will only start reflecting its agri/food-focused business from 2017 onward as the business restructuring process is still ongoing. However, strong profit growth at Vilico, coupled with new branded tea products ready for official launch in October, are reasons to be optimistic about GTN's ability to restructure these businesses successfully, as they did with Ladofoods.