TLG reported Q2 2020 results with revenue of VND645bn (USD28.0mn; -33% YoY) and NPAT-MI of VND37bn (USD1.6mn) vs VND153bn (USD6.7mn) in Q2 2019 due to the prolonged closures of schools nationwide from Tet Holiday (end of January) to early May 2020. Although Q2 2020 earnings were still modest, we see positive signs of recovery in comparison to a VND20bn (USD867,000) loss in Q1 2020. TLG’s Q2 2020 gross margin bounced back to 33.5% vs 28.9% in Q1 2020