LTG – In 2017, LTG saw better-than-expected revenue growth (+11.6% yoy) driven by a strong recovery in its CPC and rice segments.

■ All core segments reported robust growth in 4Q17 on the back of favorable market conditions.
■ For 2017, LTG’s net revenue rose by 12% yoy and gross margin increased by 70bps to 21.5%.
■ We expect LTG’s gross margin to expand further in 2018, as the company continues to reap the benefits from its restructuring