We cut our target price by 16% to VND45,300/share mainly due to trimming our 2019-2024F NPAT-MI CAGR forecast to 9% from 12% previously as we expect a slower recovery in sales due to COVID-19’s prolonged impact on customers’ preferences for stationery. We maintain our BUY rating for TLG as we believe its shares have been oversold and its valuation is attractive against a long-term outlook.