External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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<ul><li>We edge up our target price for TLG by 2% and reiterate our BUY rating.</li><li>We lift our 2025F–27F NPAT-MI forecast by 1% p.a., mainly reflecting our incorporation of Phuong Nam Cultural JSC (PNC), in which TLG acquired a 49.49% stake by end-Q2 2025.</li><li>We incorporate TLG’s accounting changes, which now recognize promotional products revenue and corresponding selling expenses (vs recognitions only in COGS previously).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We edge up our target price for TLG by 2% and reiterate our BUY rating.We lift our 2025F–27F NPAT-MI forecast by 1% p.a., mainly reflecting our incorporation of Phuong Nam Cultural JSC (PNC), in which TLG acquired a 49.49% stake by end-Q2 2025.We incorporate TLG’s accounting changes, which now recognize promotional products revenue and corresponding selling expenses (vs recognitions only in COGS previously).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TLG [BUY +25.1%] - Exports Advance, Back-To-School Lifts Domestic in Q3 2025

<ul><li>We maintain our OUTPERFORM rating for TLG despite raising our target price (TP) by 10%. TLG’s share price has increased 20% in the last five months.</li><li>Our higher TP is driven by higher projected NPAT-MI in 2024F/25F/26F by 6%/4%/4%, respectively, due to a higher projected GPM.</li><li>Additionally, we roll our TP horizon to mid-2025.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our OUTPERFORM rating for TLG despite raising our target price (TP) by 10%. TLG’s share price has increased 20% in the last five months.Our higher TP is driven by higher projected NPAT-MI in 2024F/25F/26F by 6%/4%/4%, respectively, due to a higher projected GPM.Additionally, we roll our TP horizon to mid-2025.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tlg - Robust Export Sales, Gradual Domestic Recovery

Vietnam

Thien Long Group Corporation manufactures office supplies.  The Company produces pens, pen refills, 
files, markers, crayons, oil pastels, water colors, poster colors, pencils, glue, and rulers.

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Thien Long Group (TLG VN)

TLG [BUY +25.1%] - Exports Advance, Back-To-School Lifts Domestic in Q3 2025

We lift our 2025F–27F NPAT-MI forecast by 1% p.a., mainly reflecting our incorporation of Phuong Nam Cultural JSC (PNC), in which TLG acquired a...

Vietcap

Tlg - Robust Export Sales, Gradual Domestic Recovery

We maintain our OUTPERFORM rating for TLG despite raising our target price (TP) by 10%. TLG’s share price has increased 20% in the last five months.

Vietcap

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