TLG reported a strong rebound in Q3 2020 with revenue of VND824bn (USD35.8mn; +7% YoY) and NPAT-MI of VND129bn (USD5.6mn, +87% YoY). On a quarter-on-quarter (QoQ) basis, Q3 2020 revenue and NPAT-MI posted 28% and 247% growth from Q2 2020’s low base, which is as we expected. The strong recovery in Q3 2020 was mainly driven by increasing demand for stationery due to the new school year starting in September, less business disruption caused by nationwide school closures vs H1 2020