TLG - Targeting to triple revenue in five years - AGM Note

TLG guides for 2023 revenue growth of 14% YoY. Management also expects mid-single-digit ASP growth p.a. over the next few years.
- TLG’s 2023 NPAT target implies core NPAT growth of 5% YoY (excluding FX gains/losses). Management attributes the implied compression in core NPM to continuing elevated SG&A expenses to the company improving its branding, introducing new SKUs and expanding branded exports.
- TLG targets to triple its revenue in 2022-2027 to VND10tn (USD426mn). 25% of this amount is set to come from M&A.