AST’s H1 2019 results were above our expectations. While revenue was VND545tn/USD23mn (+31% YoY, completing 46% of our 2019F), NPAT-MI was VND103bn/USD4.4mn (+37% YoY, completing 56% of our 2019F). AST’s Q2 2019 revenue was VND296bn/USD13mn (+43% YoY) and its NPAT-MI was VND55bn/USD2.4mn (+60% YoY).