HVN released Q4 2019 results in which revenue slid 3% to VND23tn/USD1bn and NPAT-MI dropped 94% to VND35bn/USD1.5mn. The drop in NPAT-MI was mainly derived from (1) lower gross margin and (2) lower other income that was mainly contributed by decreasing income from sales and leasebacks (SALB). For 2019, revenue was VND98tn/USD4bn (+1% YoY, completing 97% of our full-year forecast) and NPAT-MI was VND2.3tn/USD100mn (-0.4% YoY, completing 74% of our full-year forecast).