TLG reported strong Q4 2019 results as revenue grew 26% YoY (VND948bn/USD41.2mn) while NPAT-MI jumped 111% YoY (VND95bn/USD4.1mn). This strong growth was mostly driven by the recognition of Q3 2019 delayed sales orders that we discussed in our last update report TLG [BUY +69.8%] - Solid outlook, attractive valuation, dated November 20, 2019. Favorable input plastic prices also helped gross margin to expand to 35.8% in Q4 2019 vs 34.2% in Q4 2018, as we expected.