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TLG [OUTPERFORM +12.7%] - Robust H1 lays smooth road for another strong year - Update

We upgraded TLG to OUTPERFORM with our target price raised by 8% to VND107,200 as H1 2017 results came in better than expected. Writing instruments and office supplies saw robust sales growth thanks to back-to-school season kicking off in Q2, while exported art supplies sales fell as OEM orders to a US client decreased.