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TLG - Poised for a new growth phase - AGM Note

We attended TLG’s AGM for 2017 on Tuesday, May 16, 2017 which gave informative highlights on the company’s growth strategy over the next five years. Guidance for 2017 is in line our forecasts with revenue a growing by 13% and NPAT growing by 11% vs 2016 as gross margin normalizes from last year’s high base. Q1 2017 results confirmed full-year expectations of healthy sales growth and slight margin erosion. VND438 billion (USD19.2 million) capex to be invested in a new factory expansion