TLG reported 2017 net revenue and NPAT-MI of VND2.5 trillion (USD110.0 million, +16% vs 2016) and VND268 billion (USD11.8 million, +12% vs. 2016), respectively. These results were in line with our forecasts and mostly driven by healthy top-line growth from sales of writing instruments and office supplies, and margin contraction due to recovering plastic prices. Average plastic prices increased by 10% in 2017 vs 2016 and remained solid into early 2018 as oil prices recovered.