GTN reported another disappointing quarter with NPAT-MI plummeting 80% vs H1 2018 to VND5bn (USD209,000) in H1 2019. This lackluster result was mainly driven by declining earnings at Moc Chau Milk (MCM), which is GTN’s primary profit contributor, and lower one-off gains. These results trail our expectations; therefore, we see potential downside risk to our current forecasts, pending a fuller review.