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TLG - BUY - Pure fundamentals play with attractive valuation - Initiation

We initiate TLG with a BUY rating and TP of 71,500 (upside of 19.2%) after factoring in an illiquidity discount of 20%. Next-to-none distribution channel and robust export footprint to support FY15-19E revenue CAGR of 15%. Weak oil price paves way for GPM expansion of 200bps. At current price of VND60,000, TLG is trading at a FY15 PER of 9.0x based on VCSC forecast FY15 EPS of VND6,631 (+20.5% vs. FY14).