TLG [BUY +77.7%] - Sales and margins to recover as schools reopen - Update
  • 07 May 2020
  • Company Research
We cut our target price by 12% to VND53,700/share mainly due to 1) a 28% downward revision to our 2020F NPAT-MI as extended closures of educational institutions amid the COVID-19 pandemic hurt Q1 results; and 2) as WACC increased to 8.7% from 8.6% as prev