GMD’s 9M 2019 results were broadly in line with our expectations with reported revenue down 0.2% YoY to VND2tn (USD86mn) and reported NPAT-MI down 73% YoY to VND451bn (USD19mn). The drop in 9M 2019 NPAT-MI was mainly due to a fall in financial gains from a high base in 9M 2018 when GMD partly divested from its logistics and shipping subsidiaries in Q1 2018. This divestment is also a factor contributing to a flat growth in GMD’s revenue. Excluding the impact of these divestments, GMD’s 9M 2019