HDB released its Q1 2019 results with a consolidated net income of VND879bn/USD38mn (+5.4% YoY), achieving 25% our FY2019 forecast. Annualized Q1 2019 ROA and ROE were 1.5% and 19.1%, respectively. As mentioned in our AGM note Merger with PGBank pushed back to end of 2019 dated April 24, 2019, the BOD guides for the execution the PGB merger to occur at the end of 2019, thus increasing the risk that it will actually slip into 2020.