TLG reported robust Q1 2021 results with revenue growing 45% YoY to reach VND680bn (USD29.6mn) and NPAT-MI reaching VND85bn (USD3.7mn) vs a VND20bn (USD0.9mn) loss in Q1 2020. These strong Q1 2021 business results were driven by a 1) recovery in stationery demand in Q1 2021 vs Q1 2020’s low base amid prolonged school closures due to COVID-19 and 2) TLG still benefitting from low cost input plastic inventory. TLG’s Q1 2021 gross margin remained at a high level of 42.0% vs 42.4% in Q4 2020