- TLG released Q3 2023 earnings with revenue and NPAT-MI dropping 13% and 42% YoY, respectively.

- 9M 2023 revenue and NPAT-MI have achieved 70% and 78% of our respective full-year forecasts. We see slight downside risk to our NPAT forecast, pending a more comprehensive review.

- Per TLG, the decline in revenue was caused by weaker demand from end-customers as well as slower stockpiling activities by TLG’s distributors. This was the case in both domestic and export markets.

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