BMP released Q4 2019 results that slightly trailed our forecasts with lower-than-expected revenue growth and gross margin. Q4 2019 total revenue dropped by 5.5% YoY (VND1.2tn/USD50.4mn) while NPAT-MI grew 8.6% YoY (VND95bn/USD4.1mn). The discrepancy between the top and bottom line growth rates was due to a gross margin expansion in Q4 2019 despite slower revenue.