- TLG released strong Q3 2022 results with revenue rising 9% and NPAT declining 20% vs Q3 2020. We do not make YoY comparison because Q3 2021 was a low base due to COVID restrictions in Vietnam. Because Q2-Q3 is typically the company’s high season, the above results represent continued strong sales and effective measures to improve profit margins.  

- Revenue improved across all product segments thanks to pent-up demand from the back-to-school season in Q2 and Q3 2022.

- Q3 2022 GPM improved from ~44% in Q3 2020 to above 48% despite record-low level input plastic resin prices in Q3 2020. We attribute this expansion to product mix improvements, including cutting low-margin SKUs that proved insignificant in improving the company’s presence among its distribution networks.

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