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TLG [MARKET PERFORM +3.9%] - Answering “What’s next?” - Update

We downgrade TLG to MARKET PERFORM but raise our target price by 19% to VND128,900 per share thanks to an elevated long-term growth outlook. Robust sales volume drove Q1 2017 net revenue and NPAT-MI growth of +25% and +13% vs Q1 2016, respectively, despite margin normalization.