MSN reported H1 2019 results with flat revenue YoY while recurring NPAT-MI jumped 21% YoY. The top line was dragged by Masan Resources (MSR) amid soft tungsten prices, while smaller net financial expenses bolstered the bottom line. There was a slight QoQ improvement in sales growth for Masan Consumer Holding (MCH) and Masan Meat Life (MML) in Q2 2019, coupled with a marked step-up in MML’s margins. Low tungsten prices and unsold copper inventory continued to weigh on MSR.