HSG’s performance continues to show significant divergence between top-line and bottom-line growth. In H1 2018, revenue maintained healthy growth of 30% YoY to VND15.6tn (USD685mn), but NPAT-MI plunged by 51% YoY to VND421bn (USD18.5mn), mostly due to a collapse in gross margin in Q2 2018. As these results came in weaker than our expectations, we will revise down our forecasts for HSG in our next update report.