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TLG [MARKET PERFORM +2.0%] - Solid fundamentals and earnings story continue - Update

We reiterate a MARKET PERFORM rating while cutting our target price 6% for TLG to VND76,000. While we increased our earnings forecast, it was more than offset by a higher WACC. Writing instruments and office supplies continue to exhibit healthy growth while art supply export sales are recovering following the loss of OEM orders from a US-based client in Q2 2017. We slightly increase our 2018 revenue YoY growth assumption to 19% from 18% as we raise our ASP assumption to reflect higher