We maintain a BUY rating for TLG while trimming our target price by 2% to VND47,000/share as our 10% cut in 2021F NPAT-MI amid high input plastic costs is mostly offset by the impact of our lower WACC due to a lower cost of equity as well as a rollover of our target price horizon to mid-2022. TLG reported robust Q1 2021 results with NPAT-MI reaching VND85bn (USD3.7mn) vs a VND20bn (USD0.9mn) loss in Q1 2020, which was mainly driven by a 1) recovery in stationery demand in Q1 2021 vs Q1 2020