MSN’s Q1 2019 results (revenue -1% YoY, NPAT-MI +6% YoY) are largely in line with our expectation, pending a fuller review, although we see potential downside risk to our mining earnings forecast if tungsten prices do not improve. For Masan Consumer (MSC), Q1 2018 results were of high base, so Q1 2019 YoY figures could appear low.