BSR’s released results in which Q2 2019’s revenue and NPAT dropped 15.4% YoY and 86.7% YoY, respectively. Q2’s NPAT of VND311bn (USD14mn) was 52% lower compared to Q1, resulting in H1 revenue and NPAT of VND51tn (USD2bn, -8.9% YoY) and VND900bn (USD39mn, -73.7% YoY), respectively. This NPAT completed only 18% of our 2019’s forecast; therefore, we see significant downside risk to our 2019’s earnings projection.