TLG [OUTPERFORM +12.1%] - Sales rebound, resilient margins to drive 2022F earnings - Update
  • 2021-11-22T00:00:00
  • Company Research

We downgrade TLG to OUTPERFORM from BUY despite keeping our target price broadly unchanged at VND47,000/share as the company’s share price has increased 13% over the last three months. Our flat target price is mainly driven by the impact of rolling over our target price horizon to end-2022, which is offset by our 5% cut in our 2021-2025F aggregate NPAT-MI forecast.

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