ACV’s H1 2019 results were above our expectations with revenue up 12% YoY to VND8.9tn/USD387mn and NPAT-MI up 20% YoY to VND3.7tn/USD161mn. Excluding FX revaluation losses, ACV’s H1 2019 PBT was up 16% YoY. We estimate that ACV’s H1 2019 total passenger (