by comparing Techbond and Gbbond, Techbond is larger and well established, but Gbbond is a smaller high margin growth background, their moat of business: high-margin specialised adhesive formulations and recurring-customer base + low customer concentration, 35% planned adhesive capacity expansion, Vietnam is the next geographic growth leg, 2026 earnings momentum has started improving, adjusted PE only 12.8, growth stock PE usually high, let see how market value on this small gem