TCM’s 9M 2017 revenue and NPAT grew 6.1% and 90.6%, respectively, vs 9M 2016. This was mainly driven by (1) productivity improvement at its Vinh Long workshop and (2) an improving product mix, with the contribution from its unprofitable yarn segment declining. TCM’s 9M results were slightly ahead of our expectations, and therefore, we will likely revise up our forecasts and increase our target price in our next update report.