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TLG - Higher plastic prices passed through to customers - Earnings Flash

TLG reported stable Q1 2018 results, with revenue and NPAT-MI of VND580bn (USD25.6mn, +8.1% vs Q1 2017) and VND58bn (USD2.6mn, +6.7% vs Q1 2017), respectively. Top-line growth continued to be driven by healthy growth from sales of writing instruments and office supplies, while TLG’s margin showed resilience despite elevated input plastic prices. We believe this was thanks to TLG’s strong market share, allowing it to pass through rising input prices to customers.