HT1 reported Q1 2020 results with revenue falling 13% YoY (VND1.7tn/USD75.3mn) while NPAT-MI remained flat YoY (VND105bn/USD4.5mn). We note that Q1 2020 earnings continued to come purely from core business with an immaterial contribution from net FX gain and non-core activities. With these results, HT1 fulfilled 19% and 14% of our respective forecasts for 2020F revenue and NPAT-MI.