HPG released Q2 2019 results which are consistent to preliminarily results announced at last week’s analyst meeting. In Q2 2019, revenue reached VND15.1tn (USD656.4mn, +6% YoY) and NPAT-MI reached VND2tn (USD88.5mn, -7% YoY), which is more optimistic than our expectation amid unfavorable iron ore prices. For H1 2019, revenue and NPAT-MI reached VND30.1tn (USD1.3tn, +10% YoY) and VND3.84tn (USD166.8mn, -13% YoY), which fulfilled 42% and 43% of our 2019F forecast, respectively.