CGS-CIMB RESEARCH (MARCH 7): Thong Guan Industries (TGI) is mulling expanding to the US through a joint venture (JV). We are positive on this possible development because the company could make headway in the world’s biggest market for stretch film. TGI received an invitation from its distribution partners in the US to set up a JV to manufacture stretch film in the country’s mid-western region. TGI’s board has given its initial blessing to explore the possibility of setting up the JV, which is intended to cater solely for the US market.