GTN delivered another disappointing quarter with NPAT-MI plummeting 90% YoY in Q1 2019 to VND1bn (USD43,000). This subdued result was primarily driven by lower earnings at Moc Chau Milk (MCM), which is GTN’s main profit contributor, and an absence of one-off gains from divestments that occurred in Q1 2018. We see potential downside risk to our current forecasts for GTN, pending a fuller review.