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TLG [MARKET PERFORM +9.0%] - Investing for the future - AGM Note + Update Report

Company Research

16 May 2018

We lower our rating to MARKET PERFORM as well as our target price to VND105,500 per share. This reflects the increase of the risk-free rate and market risk premium in our DCF models. We maintain our 2018 revenue growth assumption of 18%, driven by healthy growth in writing instruments and office supplies, together with a recovery in art supply export sales. We expect 2018 GPM of 36.6%, slightly lower than historical levels, as plastic prices continue to recover from a low base.
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