FRT announced preliminary 9M 2019 results, in which revenue advanced 13% YoY to VND12.4tn (USD533mn) while PBT edged up 3% YoY to VND292bn (USD12.5mn). This implies revenue growth of 23% YoY while PBT dropped ~10% YoY in Q3 2019, per our estimate. While top-line growth accelerated in Q3 2019 as expected, PBT fell short of our expectation due to larger-than-expected bad debt provisioning for F.Friends and telco price subsidy (TPS) programs as well as losses from Long Chau (pharmacy).