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TLG [M-PF +6.3%] - Lower-than-expected GM expansion offset by low SG&A spend

We reiterate TP of VND 65,000 translating to MARKET PERFORM (TSR 4.8%) rating for TLG as we believe the company’s strong fundamentals and earnings prospect are now priced-in, finally. 1H15 results in line with VCSC’s forecast: EPS grew 29% driven by +14% top-line growth and a 91 bps GPM expansion (versus our forecasted FY15 EPS growth of 24%). Both FY15 GPM and SG&A expenses revised down as impact from low plastics prices and selling & marketing costs are both lower than expected;