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TLG [OUTPERFORM +19.8%] - Building new foundations for future sustainable growth - Update

We upgrade TLG to OUTPERFORM and raise our target price by 6% to VND116,700 per share. Our fundamental outlook for TLG remains unchanged but our new target price reflects a lower risk-free rate and higher peer multiple. Writing instruments and office supplies remained the key growth engines in 2017, while art supply export sales fell as OEM orders from a US client were lost.