BMP announced its Q2 2019 results in which net revenue grew 7% YoY (VND1.2tn/USD51.2mn) while NPAT-MI dropped 14% YoY (VND119bn/USD5.2mn). The discrepancy between the top and bottom-line growth rates is due to a surge in the ratio of SG&A over revenue to 9.1% in Q2 2019 vs a low base of 4.5% in Q2 2018. We believe BMP has been more aggressive with its sales policy (i.e., given more discounts to customers along with better payment terms) in H1 2019 to push sales volume growth. We see this move