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TLG [U-PF -13.1%] - Share price has run ahead of fundamental progress - Update

We revise our target price from VND86,000 to VND83,000, corresponding to an UNDERPERFORM rating based on the following. Effective marketing campaigns and a stronger export push supported sales growth. As its leading position in writing instruments remained unscathed, TLG shored up its marketing efforts to promote the remaining categories, which has borne fruits. Writing instruments grew 9% while office supplies, school supplies and art supplies rose over 20% each.