TLG [BUY +25.3%] - Strong sales in Q2 put earnings growth back on track - Update
  • 2019-08-13T14:46:16
  • Company Research
We reiterate our BUY rating on TLG while raising our target price by 2% to VND73,200 as we increase our 2019 NPAT-MI forecast by 3% but apply a lower target P/E multiple, based on the six-month average of the regional peer LTM P/E multiple median. We maintain our 2019 revenue forecast of VND3.3tn (USD144.0mn, +16% YoY). As we expected, weak sales in Q1 2019 due to an early Tet holiday in 2019 were offset by strong sales in Q2 2019 thanks to the back-to-school season.