TLG’s 2018 results were broadly in line with our expectations, with revenue up 14% YoY to VND2.9tn (USD124.2mn) and NPAT-MI up 10% YoY to VND294bn (USD12.8mn). With these results, we do not foresee significant adjustments to our 2019 forecasts for TLG. We believe TLG’s sustainable growth outlook is underpinned by structural growth in demand for stationary from Vietnam’s high-growth education and office sectors and increased penetration of TLG’s export markets in ASEAN nations