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TLG [Outperform +18%] – Strong 1Q, full effect of low input costs yet to kick-in

TLG’s share price has risen by 3% since our initiation last month; hence we downgrade our rating to OUTPERFORM based on an unchanged TP of VND 71,500 and dividend yield of 3%, amounting to total shareholder return of 18%. 1Q15 NPAT grew 18% driven by 16% top-line growth and GPM expansion. AGM highlights: FY15 guidance of 12% growth for both revenue and NPAT; VND180b warehouse and office expansion plan.