DHG announced its 2019 results with net revenue of VND3.9tn (USD168mn, flat YoY) and NPAT-MI of VND635bn (USD27.4mn, -3% YoY). Meanwhile, 2019 EPS rose 5% YoY to VND4,668. In Q4 2019, net revenue advanced 5%, mainly driven by an 8% rise in in-house product revenue which showed a slight acceleration vs 5% like-for-like growth in 9M 2019, per our estimate.