HT1 reported Q2 2019 results in which revenue increased by 7% YoY (VND2.4tn/USD103.0mn) while NPAT-MI dropped 14% YoY (VND209bn/USD9.1mn), primarily due to a higher cost level and product mix that resulted in a lower gross margin of 18.2% vs 19.1% in Q2 2018. While Q2 2018’s gross margin was a particularly high base, we note that Q2 2019’s gross margin of 18.2% is a strong level for HT1.