GMD’s H1 2019 results were broadly in line with our expectations with reported revenue down 0.1% YoY to VND1.3tn (USD27mn) and reported NPAT-MI down 81% YoY to VND289bn (USD13mn). GMD’s H1 2019 reported numbers were distorted by the divestment and deconsolidation of its logistics and shipping businesses in H1 2018. Excluding the impact of these divestments, GMD’s H1 2019 core PBT was up 11.4% YoY to VND300bn (USD13mn; completing 47% of our 2019F). We attribute GMD’s core business growth to 11%