PPC released 2018 results with reported NPAT of VND1.2tn (USD50mn, +35.3% YoY) and recurring NPAT of VND1tn (USD44mn, +19.0% YoY). Recurring NPAT beat our forecast by 20% mainly as actual maintenance expense was 11% lower than our estimates while PPC also had no more provision booking for old materials/equipment in 2018 vs our assumption of VND100bn (USD4.3mn). We foresee upside risk to our 2019 earnings forecast and reiterate a BUY rating.