PTB released 2019 results in which revenue soared 18% YoY and NPAT-MI rose 13% YoY. The latter trailed our forecast by 5%, which we attribute primarily to higher-than-projected net interest expenses in Q4 2019 as PTB’s net D/E rose from 0.6x in 2018 to 0.9x in 2019. In Q4 2019, revenue growth eased to 7% from 23% YoY in 9M 2019 due to a decline in auto sales. We attribute this auto sales weakness to a slowdown in industry growth along with heightened competition in Vietnam’s auto market in Q