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TLG [MARKET PERFORM +9.0%] - Investing for the future - AGM Note + Update Report

We lower our rating to MARKET PERFORM as well as our target price to VND105,500 per share. This reflects the increase of the risk-free rate and market risk premium in our DCF models. We maintain our 2018 revenue growth assumption of 18%, driven by healthy growth in writing instruments and office supplies, together with a recovery in art supply export sales. We expect 2018 GPM of 36.6%, slightly lower than historical levels, as plastic prices continue to recover from a low base.