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TLG - Solid 9M earnings as GPM stabilized and SG&A expenses came in low - Earnings Flash

9M 2017 net revenue and NPAT-MI reached VND1.91 trillion (USD84.0 million, +15% vs 9M 2016) and VND239 billion (USD10.5 million, +12% vs. H1 2016), respectively. The results were above our forecasts as operating margin expanded on lower-than-expectation SG&A expenses. TLG’s top line growth remained solid while gross margin stabilization from last year high base was in-line with our assumption. With this result, we will likely increase our 2017 full-year forecasts for TLG.