- TLG released H1 2023 earnings with revenue rising 6% YoY but NPAT declining 11% YoY, which are slightly better than our expectations and achieve 50% and 64% of our respective full-year forecasts.

- GPM remained high at 43.4% in H1 2023 vs 43.8% in H1 2022 as TLG continued to benefit from low input plastic prices.

- We expect NPM to compress in H2 2023 vs H1 2023 because Q2 is TLG’s high season and as we expect TLG will incur heavier SG&A expenses as a percentage of revenue in H2 2023 — similar to H2 2022. 

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