We have downgraded TLG to MARKET PERFORM, but raised our target price by 3% to VND110,400 per share as the impact of a slowdown in export sales and rising plastic prices on earnings and, hence, our target price was offset by a lower risk-free rate. Writing instruments and office supplies remained the key growth drivers in 9M 2017, while art supply export sales fell as OEM orders from a US client were lost.