We attended FRT’s AGM today. The Q&A session, chaired by the Chairwoman cum CEO and Finance Director, mostly focused on the pharmacy chain (Long Chau). Management set an aggressive 2019 NPAT target of VND418bn (USD18mn, +20% YoY) driven by new sales initiatives and margin expansion in the mobile business thanks to direct sourcing of accessories. We currently forecast 2019 NPAT growth of 6% as we are more conservative than management on the GPM of iPhones and accessory sales.