TLG reported Q4 2020 results with revenue of VND747bn (USD32.5mn; -21% YoY) and NPAT-MI of VND94bn (USD4.1mn; -1% YoY). On a quarter-on-quarter (QoQ) basis, Q4 2020 NPAT-MI slid 26% vs Q3 2020 — the key sales season for TLG. Furthermore, TLG’s Q4 2020 gross margin maintained a high level of 42.4% vs 43.9% in Q3 2020 and 35.8% in Q4 2019, helping Q4 2020 earnings to remain flat YoY. We believe that TLG was able to secure a large amount of input plastic at low prices during Q2 and Q3 2020