External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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

Thien Long Group

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