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TLG - Solid sales and margins fuel robust FY16 - Earnings Flash

TLG’s released full FY16 results with net revenue and NPAT touching VND2.16 trillion (USD96.1 million, +14.8% vs FY15) and VND240 billion (USD10.7 million, +27.6% vs FY15), which were in line with our forecasts. TLG continued to show solid top line growth while being able to expand gross margins given the prolonged weakness in plastics prices in 2016. We do not foresee significant changes to our FY17 forecasts and are likely to maintain an OUTPERFORM rating.