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LTG – Earnings Update – 20180209

Company Note 09/02/2018    199

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  • In 2017, LTG saw better-than-expected revenue growth (+11.6% yoy) driven by a strong recovery in its CPC and rice segments. The company’s net profit closely matched our forecast (+24.4% yoy) since gross margins were lower than our expectations. LTG is now trading at a TTM P/E of 6.1x, a deep discount to its peers, indicating an attractive entry point.
  • We expect LTG’s gross margin to expand further in 2018, as the company continues to reap the benefits from its restructuring efforts completed in 2017 both in terms of product portfolio and distribution channels

Market Price

Target Price

Dividend Yield

Rating

Sector

VND38,950

VND66,200

7.7%

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