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TCM - Solid 9M results but Sears bankruptcy clouds outlook - Earnings Flash

TCM’s 9M 2018 revenue grew 15.4% YoY, while NPAT surged 24.9% YoY. Top-line growth was driven by increased penetration of existing export markets, while profits were boosted by GPM expansion to 17.6% in 9M 2018 vs 15.9% in 9M 2017 from a higher margin product mix, improving productivity and one-off financial gains totaling VND48bn (USD2mn) that were realized in Q2 and Q3 2018.